Meanwhile...

...in sleepy Belgium...

Today's rating action follows the corresponding rating actions taken by
Moody's Financial Institutions Group on Dexia Bank Belgium (A3 / P-1;
Stable). For further information on the rating action taken by Moody's
Financial Institutions Group, please refer to "Moody's downgrades Dexia's
main operating entities to A3 from A1; outlook stable " published on 8
July 2011. The rating of the notes is solely based on the guarantee
provided by Dexia Bank Belgium (A3/P-1; Stable) under the terms of the
transaction documents entered into for the purpose of the issuance of
such Notes. The rating of the Notes is therefore fully linked to the
rating of Dexia Bank Belgium.