On Feb. 20, 2015, we revised our outlook to negative from stable on the Swiss Canton of Schwyz, which is the sole shareholder of Schwyzer Kantonalbank (SZKB). We are consequently revising our outlook on SZKB to negative from stable, reflecting our criteria for government-related entities (GREs). We are affirming our 'AA+/A-1+' long- and short-term ratings on SZKB. On Feb. 25, 2015, Standard&Poor's Ratings Services revised its outlook on Switzerland-based Schwyzer Kantonalbank (SZKB) to negative from stable. The 'AA+' long-term and 'A-1+' short-term counterparty credit ratings were affirmed. The outlook revision follows a similar action on the Canton of Schwyz (see " Swiss Canton of Schwyz Outlook Revised To Negative On Lower Budgetary Buffers; Ratings Affirmed At 'AAA/A-1+'," published
