On Oct. 29, 2002, Standard&Poor's Ratings Services placed on CreditWatch with negative implications its single-'A'-minus counterparty credit rating on Switzerland-based Banque Cantonale Vaudoise (BCV), following an announcement of additional provisioning charges. At the same time, Standard&Poor's affirmed its 'A-2' short-term ratings on BCV. Standard&Poor's expects to resolve the CreditWatch placement shortly, following a review of BCV's asset-quality problems and earnings expectations, and upon clarification on BCV's plan to raise capital and on the level of commitment of the Canton of Vaud. The CreditWatch placement on BCV followed the announcement of SFr850 million in additional provisioning charges in 2002, in line with a new audit carried out after the disappointing results of the bank in
