The ratings on Banque Cantonale Vaudoise (BCV) factor in uplift of one notch above its stand-alone creditworthiness for implicit support from its main shareholder, the Canton of Vaud (AA-/Stable/--), despite the absence of a full statutory guarantee. The ratings are supported by Standard&Poor's Ratings Services' opinion that the bank's restored financials are sustainable, but that credit strength is mitigated by BCV's limited growth potential in its home region. BCV is the second-largest cantonal bank in the Swiss Confederation (Switzerland; AAA/Stable/A-1+). As is typical for cantonal banks, BCV has a public mission role in the economic development of the Canton of Vaud. However, BCV's comparatively more diversified business profile stands to compensate for its limited growth potential in the
