On April 29, 2003, Standard&Poor's Ratings Services affirmed its 'A-' long-term and 'A-2' short-term counterparty credit ratings on Switzerland-based Banque Cantonale Vaudoise (BCV), and removed the long-term rating from CreditWatch, where it had been placed on Oct. 29, 2002. The CreditWatch resolution is subsequent to the capital support provided to BCV by its majority shareholder, the Canton of Vaud. The outlook is negative. The ratings on BCV reflect the capital increase, completed at end-February 2003, which will provide the bank with the additional capital resources necessary to pursue its activities on a sound basis. The Canton of Vaud's sustained commitment to provide capital support to BCV, as evidenced by this most recent support and a prior capital injection
