We consider that Switzerland's bank resolution regime will not affect our view of a very high likelihood of extraordinary government support for Banque Cantonale Vaudoise. We are affirming our 'AA/A-1+' counterparty credit ratings on Banque Cantonale Vaudoise. The stable outlook reflects our view that the likelihood of extraordinary government support for the bank is unlikely to weaken over the next two years. As previously announced on April 29, 2014, Standard&Poor's Ratings Services affirmed its 'AA/A-1+' long- and short-term counterparty credit ratings on Switzerland-based Banque Cantonale Vaudoise (BCV). The outlook remains stable. The affirmation follows the completion of our review of potential extraordinary government support for European banks (see "Standard&Poor's To Review Government Support In European Bank
