Well, not quite the discovery of aquatic wetness but close enough.MarketBeat had a nice little primer yesterday:
MILAN (Standard & Poor's) Oct. 5, 2011--Franco-Belgian banking group Dexia S.A. announced yesterday that it is preparing measures to resolve structural problems penalizing its operational activities. Standard & Poor's Ratings Services believes that this could have a negative impact on the creditworthiness of Dexia's core banks Dexia Crédit Local, Dexia Bank S.A., and Dexia Banque Internationale à Luxembourg (all rated A/Negative/A-1). We expect to publish a more detailed analysis of any impact on the credit ratings on Dexia Crédit Local, Dexia Bank S.A., and Dexia Banque Internationale à Luxembourg as soon as permitted to do so under applicable EU law...
Dexia: Here’s Why It Matters