Standard&Poor's Ratings Services' long-term counterparty credit rating on Switzerland-based Banque Cantonale Vaudoise (BCV) factors in two notches of support above the bank's current stand-alone credit profile (SACP). This reflects implicit support from its main shareholder, the Swiss Canton of Vaud (AA+/Positive/--), 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 methodology. It maintains a "very strong" link 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. A law passed in March 2010 stipulates that the canton will keep the majority of
