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Standard and Poor’s raises its long-term credit rating on BCV from AA– to AA

Rating agency Standard & Poor’s announced yesterday evening that it has raised BCV’s long-term credit rating from AA– (positive) to AA (stable). Standard & Poor’s also confirmed BCV’s short-term rating of A-1+.


Lausanne, Switzerland, 6 December 2011 – In upgrading the Bank’s rating, Standard & Poor’s emphasized BCV’s strong capital base and solid earnings capacity. Standard & Poor’s had already raised the outlook on BCV’s previous AA– rating from stable to positive on 6 December 2010.

Standard & Poor’s raised the Bank’s stand-alone credit profile by one notch, from A to A+. BCV’s long-term credit rating incorporates two notches of uplift, reflecting its status as a cantonal bank with implicit support from the Canton of Vaud, which has a Standard & Poor’s credit rating of AA+. BCV is one of only a handful of banks not backed by a state guarantee to gain a credit rating of AA.

BCV’s management welcomes the announcement, which is particularly satisfying given the challenging environment faced by the banking sector as a whole. The upgrade recognizes the Bank's ongoing efforts in recent years, both in terms of its strategy and operations.



Christian Jacot-Descombes, Press Officer
Phone +41 79 816 99 30

Gregory Duong, Investor Relations Officer
Phone + 41 21 212 20 71


This press release is being issued outside the trading hours of the SIX, Swiss Exchange in order to comply with the principles of ad hoc disclosure pursuant to the SIX listing rules.

The above text is a translation of the original French document; only the French version is authoritative.