Our long-term counterparty credit rating on Banque Cantonale Vaudoise (BCV) factors in two notches of support above the bank's current stand-alone creditworthiness, which reflects implicit support from its main shareholder, the Swiss Canton of Vaud (AA/Stable/--), despite the absence of a full statutory guarantee. The second-largest cantonal bank in the Swiss Confederation (Switzerland; AAA/Stable/A-1+), BCV is a government-related entity (GRE) according to Standard&Poor's Ratings Services' methodology. It maintains strong links with the Canton of Vaud and plays a very important role in the local economy, reflected in its public policy role in the canton's economic development. The bank's strong market position in the canton, satisfactory risk management, and strong capitalization underpin the ratings. BCV's geographic concentration in its
