On Dec. 21, 2004, Standard&Poor's Ratings Services revised its outlook on Switzerland-based Banque Cantonale Vaudoise (BCV) to stable from negative. At the same time, Standard&Poor's affirmed its 'A-' long-term and 'A-2' short-term counterparty credit ratings on the bank. The ratings on BCV continue to be underpinned by the Canton of Vaud's (A/Stable/--) proven commitment to provide capital support to the bank in time of need, despite the absence of a formal guarantee. The ratings also reflect the tangible improvement in BCV's operating performance, which has been comparatively weaker than that of some rated cantonal bank peers, owing to its greater exposure to market volatility. In addition to improved operating performance, Standard&Poor's expects the bank's
