Swiss Credit Institution Glarner Kantonalbank Assigned 'AA/A-1+' Ratings; Outlook Stable

In our view, Switzerland-based Glarner Kantonalbank (GLKB) has a moderate business position, very strong capital and earnings, an adequate risk position, below average funding, and adequate liquidity, which equate to an 'a-' stand-alone credit profile (SACP). We consider GLKB to be a government-related entity (GRE) with an extremely high likelihood of receiving timely and sufficient extraordinary support from the Canton of Glarus if needed, which adds four notches to our SACP assessment. We are assigning our 'AA/A-1+' long- and short-term ratings to GLKB. The stable outlook reflects our expectation that GLKB will continue to benefit from being a GRE and from an extremely high likelihood of receiving support from the Swiss canton of Glarus over the next two years, if

...+ In our view, Switzerland-based Glarner Kantonalbank (GLKB) has a moderate business position, very strong capital and earnings, an adequate risk position, below average funding, and adequate liquidity, which equate to an 'a-' stand-alone credit profile (SACP). + We consider GLKB to be a government-related entity (GRE) with an extremely high likelihood of receiving timely and sufficient extraordinary support from the Canton of Glarus if needed, which adds four notches to our SACP assessment. + We are assigning our '##/A-1+' long- and short-term ratings to GLKB. + The stable outlook reflects our expectation that GLKB will continue to benefit from being a GRE and from an extremely high likelihood of receiving support from the Swiss canton of Glarus over the next two years, if needed. FRANKFURT (S&P Global Ratings) March 9, 2017--S&P Global Ratings today assigned its '##/A-1+' long- and short-term counterparty credit ratings to Switzerland-based Glarner Kantonalbank (GLKB). The outlook is...

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