We raised our long-term rating on the Swiss Canton of Vaud to 'AAA' from 'AA+' on June 14, 2013. We believe that there is still a very high likelihood that the Canton of Vaud would provide timely and sufficient extraordinary support to Banque Cantonale Vaudoise (BCV) in the event of financial stress. We are revising our outlook on BCV to stable from negative and affirming our 'AA/A-1+' ratings on the bank. The stable outlook reflects our expectation that BCV will maintain its strong liquidity, adequate capital base, and strong earnings capacity. On June 18, 2013, Standard&Poor's Ratings Services revised its outlook on Swiss regional bank Banque Cantonale Vaudoise (BCV) to stable from negative. At the same time, we
