In our view, Banque Cantonale Vaudoise (BCV) continues to enjoy solid asset quality and healthy profits, while maintaining its high capitalization. At the same time, we believe that the Swiss National Bank's (SNB)'s liquidity policy, and revived deposit markets have led to tighter liquidity management at BCV, as with its cantonal bank peers. As a result, we expect BCV will maintain an adequate liquidity buffer, although below the elevated levels seen in recent years. We affirmed our 'AA/A-1+' long- and short-term ratings on BCV. The stable outlook on BCV reflects our view of a very high likelihood of support from the Canton of Vaud (AAA/Stable/--) in the event of financial stress. On Dec. 10, 2024, S&P Global Ratings affirmed its
