Very high likelihood of support from the Swiss Canton of Vaud in the event of financial distress Good franchise in the canton's resilient economy More diverse business model than those of traditional Swiss cantonal banks Ample liquidity buffer, and a large depositors base, although including a more volatile share from private-banking and institutional Persistent pressure on revenues from the low-for-long interest rate environment High exposure to the real estate market in the Canton of Vaud A 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 the bank from the Canton of Vaud (AAA/Stable/--) in the event of financial
