The ratings on Banque et Caisse d'Epargne de l'Etat, Luxembourg (BCEE) reflect its full ownership by the Grand Duchy of Luxembourg (AAA/Stable/A-1+), as well as the bank's strong risk profile, generally stable profitability, and sound capitalization with respect to a low-risk activity. Wholly owned by the Grand Duchy of Luxembourg, BCEE retains a public mission role to promote all forms of savings, and to contribute to the economic and social development of the country. The continued ownership by the Grand Duchy of BCEE is a key factor supporting the ratings on the bank. Moreover, given the importance of the bank to the Luxembourg economy, Standard&Poor's expects that the state would provide support to BCEE in the event this
