In this paper we perform the analysis of the spectrum of a degenerate operator
A_\var corresponding to the stationary heat equation in a
\var-periodic composite medium having two components with high contrast diffusivity. We prove that although
A_\var is a bounded self-adjoint operator with compact resolvent, the limits of its eigenvalues when the size
\var of the medium tends to zero,
... [Show full abstract] make up a part of the spectrum of a unbounded operator , namely the eigenvalues of located on the left of the first eigenvalue of the bi-dimensional Laplacian with homogeneous Dirichlet condition on the boundary of the representative cell. We also show that the homogenized problem does not differ in any way from the one-dimensional problem obtained in the study of the local reduction of dimension induced by the homogenization.