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Liabilities

Dexia Municipal Agency uses two categories of debt to finance its assets.

  • ​debt that benefits from the legal privilege defined by law, ainly as obligations foncières.

  • debt that does not benefit from the legal privilege, and helps to finance over-collateralization. There are two types: 

  • funds borrowed from Dexia Credit Local; this debt is contracted through a financing agreement with the parent company;
  • refinancing obtained from the Banque de France. As a credit institution, Dexia MA may benefit, in its own name, from access to refinancing by the Banque de France. 

    • Dexia Credit Local has signed a "declaration of financial support" for Dexia MA. 

     

    Rating

    ​
  • AAA
    Fitch
    confirmed in June 2011

  • Aa2 
    Moody's
    confirmed in
    April 2012

  • AAA watch negative
    S&P
    confirmed in
    January 2012

  • More information
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    Financial highlights

    as of December 31, 2011

    Cover pool

    77.0 € billion

    including 59 % eligible for refinancing by the ECB

    Privileged liabilities

    65.6 € billion

    Total balance sheet

    100.4 € billion

    Non-performing loans

    0.04 %

    Over-collateralization ratio

    115.7 %