Very high likelihood of support from the Swiss Canton of Vaud in case of stress. Good franchise in Vaud's resilient economy. More diversified business model than that of traditional Swiss cantonal banks. Strong liquidity, despite management's intention to partly fund growth by drawing on excess liquidity. High exposure to regional real estate markets. Sizable trade finance exposures. Standard&Poor's Ratings Services' stable outlook on Switzerland-based Banque Cantonale Vaudoise (BCV) reflects its view of a very high likelihood of support for BCV from the Canton of Vaud (AAA/Stable/--) in the event of stress. According to our criteria, a downward revision of BCV's stand-alone credit profile (SACP) by two notches would be fully offset by additional notches of support from the
