Very high likelihood of support from the Swiss Canton of Vaud in the event of stress. Good franchise in Vaud's resilient economy. More diverse business model than those of traditional Swiss cantonal banks. Strong liquidity, although the customer deposit base would likely not be immune to a higher interest-rate environment. Persistent pressure on revenues from the low interest rate environment. High exposure to the real estate market in the Canton of Vaud. Presence in the high-risk, low-granularity trade finance business. S&P Global Ratings' outlook on Switzerland-based Banque Cantonale Vaudoise (BCV) is stable, reflecting our view of a very high likelihood of support for BCV from the Swiss Canton of Vaud (AAA/Stable/--), in the event of financial stress. Even if BCV's
