On Microsoft learning page (http://www.microsoft.com/learning/en/us/certification/dynamics-crm-professional.aspx#tab2) it is said that exam 70-431 - Microsoft SQL Server 2005 – Implementation and Maintenance is elective for Microsoft Certified Business Management Solutions Professional – Applications for Microsoft Dynamics CRM 4.0 certification.
There is nothing said about SQL 2008 exams on this page.
So I sent an email to Microsoft and here is their response:
Thank you for your email.
We are glad to inform you that the Exam 70-432: TS: Microsoft SQL Server 2008, Implementation and Maintenance can be counted as an elective for Microsoft Certified Business Management Solutions Professional – Applications for Microsoft Dynamics CRM 4.0 certification.
As that new exam has been released recently, it has not been added to the certification path yet.
Please note that the update of the Certification Tree has been planned for the end of September 2009.
Then, the exam 70-431 will be visible in the certification path for
Applications for Microsoft Dynamics CRM4.0 certification on the
Microsoft Learning website, as that certification will be uploaded to the Transcripts of all customers who have completed the certification requirements by passing exam 70-432.
We hope that provided information is of assistance.
If you have any further questions please get in touch with us and we will be happy to assist you in any way we can.