On Jan. 27, 2006, Standard&Poor's Ratings Services raised its long- and short-term counterparty credit ratings on Switzerland-based Banque Cantonale Vaudoise (BCV) to 'A/A-1' from 'A-/A-2'. The outlook is stable. The upgrade reflects the enhancement of the bank's financial profile, concomitant with the streamlining of its business profile. The ratings now reflect the BCV's stand-alone creditworthiness, and factor in Standard&Poor's opinion that the enhancement in the bank's financials will prove to be sustainable, thanks to a well-implemented strategy. BCV is the second-largest cantonal bank in Switzerland. As is typical for cantonal banks, BCV has a public mission role in the economic development of its home region, the Canton of Vaud (A/Stable/--). BCV's activities consequently are largely concentrated
