...Established Franchise, Sound Execution: Banque de Commerce et de Placements SA's (BCP) ratings reflect its operations as a small Swiss trade-finance bank with an established franchise, and limited diversification in wealth management. The bank has demonstrated sound execution and effective risk management over a long period as it successfully navigated economic cycles and changing operating conditions affecting some of its key markets. BCP specialises in commodity trade finance with significant exposure to emerging markets. The bank's ratings also benefit from its longstanding expertise, a more conservative risk profile than trade-finance peers and a consistent ability to adapt to changing market conditions. Conservative Risk Approach: BCP's risk appetite is commensurate with its business model. Its risk control framework is robust and has historically resulted in broadly stable and good asset- quality metrics. However, moderate single-name concentration could lead to large individual impairments....
