BCV's rating reaffirmed

The rating agency Standard & Poor's (S&P) announced in a press release distributed today that it maintains its rating on BCV (A- long-term debt, A-2 for short-term debt).

Over recent months, BCV and S&P held in-depth discussions during which BCV provided detailed information on the situation of both the Bank and the Group, the capital increase of February, the 2002 financial statements and its strategic and operating objectives.

The fact that S&P has reaffirmed its rating on BCV and, especially, that it has removed the Bank from its watch list is very good news for the Bank. The rating firm has thus acknowledged the efforts accomplished to restructure the balance sheet, provide efficient risk management and set the Bank on a new course thanks to its strategic focus on core businesses.

S&P has reaffirmed its rating on the basis of BCV's medium-range prospects. The progress already achieved thus justifies S&P's unchanged rating. However, BCV has been assigned a negative outlook in light of the difficult economic environment and the Bank's profitability level, which is still insufficient. To lay the foundations for future improvement in the S&P rating, which remains an important objective for the governing bodies, BCV intends to continue implementing the strategy announced in February and quickly restore profitability for the long term.

Lausanne, 29 April 2003