On Dec. 2, 2008, Standard&Poor's Ratings Services raised its long- and short-term counterparty credit ratings on Banque Cantonale Vaudoise (BCV) to 'AA-/A-1+' from 'A+/A-1'. The outlook is stable. The rating action follows the upgrade of the Swiss Canton of Vaud, BCV's main shareholder. Standard&Poor's raised its long-term issuer credit rating on the Canton of Vaud to 'AA' from 'AA-'. Consequently, the long-term counterparty credit rating on BCV factors in two notches 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--the second-largest cantonal bank in the Swiss Confederation (Switzerland; AAA/Stable/A-1+)--is a government-related entity according to Standard&Poor's methodology. It
