On Oct. 5, 2007, Standard&Poor's Ratings Services raised its long-term counterparty credit rating on Banque Cantonale Vaudoise (BCV) to 'A+' from 'A'. At the same time, Standard&Poor's affirmed its short-term rating at 'A-1'. The outlook is stable. The rating action follows the upgrade of the long-term rating on the Canton of Vaud, BCV's main shareholder, to 'AA-' from 'A+'. The long-term counterparty credit rating on BCV factors in one notch of support above its stand-alone creditworthiness, which reflects implicit support from the canton, despite the absence of a full statutory guarantee from its main shareholder. BCV is the second-largest cantonal bank in the Swiss Confederation (Switzerland; AAA/Stable/A-1+). As is typical for cantonal banks, BCV has a
