Basler Kantonalbank Long-Term Ratings Lowered To 'AA' Due To Remaining Legal And Reputational Risks; Outlook Stable

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1 Research Update: Basler Kantonalbank Long-Term Ratings Lowered To 'AA' Due To Remaining Legal And Reputational Risks; Outlook Stable Primary Credit Analyst: Dirk Heise, Frankfurt (49) ; Secondary Contact: Nicolas W Hengstebeck, Frankfurt (49) ; nicolas.hengstebeck@standardandpoors.com Table Of Contents Overview Rating Action Rationale Outlook Ratings Score Snapshot Related Criteria And Research Ratings List AUGUST 6,

2 Research Update: Basler Kantonalbank Long-Term Ratings Lowered To 'AA' Due To Remaining Legal And Reputational Risks; Outlook Stable Overview After a review of Basler Kantonalbank's financials and efforts to strengthen risk management, we think it needs more time to settle its legacy risks and improve its risk management systems. Heightened legal and reputational risks remain due to the bank-specific fraud case in which BKB is involved, and from the prosecutions of many Swiss banks, including BKB, by U.S. tax authorities. We are lowering our long-term rating on BKB to 'AA' from 'AA+' and affirming our 'A-1+' short-term rating. The stable outlook reflects our view that BKB's capital and earnings sufficiently buffer potential financial risks and that the bank continues to improve its risk management systems. Rating Action On Aug. 6, 2013, Standard & Poor's Ratings Services lowered its long-term counterparty credit and senior unsecured debt ratings on Switzerland-based Basler Kantonalbank (BKB) to 'AA' from 'AA+'. At the same time we affirmed our 'A-1+' short-term counterparty credit rating on the bank. The outlook is stable. Rationale The downgrade follows our review of BKB's financials and discussions with its management on remaining heightened legal and reputational risks. We believe that BKB needs more time than we previously anticipated to settle its legacy risks and improve its risk management systems. The bank continues to face increased legal and reputational risks due to a bank-specific fraud case with a Swiss investment boutique, ASE Investment AG (ASE), and from nationwide prosecutions of many Swiss banks, including BKB, by U.S. tax authorities. Consequently, we have lowered our assessment of BKB's risk position to moderate from adequate. In our base-case expectations, though, BKB's capital and earnings sufficiently buffer potential financial risks. BKB's risk management backlog and increased reputational and legal risks became apparent in a fraud case at ASE in late As a result of this case, BKB decided to indemnify its clients for losses associated with investments at AUGUST 6,

3 Research Update: Basler Kantonalbank Long-Term Ratings Lowered To 'AA' Due To Remaining Legal And Reputational Risks; Outlook Stable ASE. The bank provisioned Swiss franc (CHF)50 million in its 2012 accounts for these indemnities, incorporating mutual compromise settlements with most of its customers affected. We think that BKB's financial risk remains manageable in this regard, however. In addition, the Swiss regulator has cited internal risk management weaknesses at BKB, and imposed stronger regulations on the bank. Moreover, we foresee ongoing elevated reputational and legal risk at BKB from pending legal actions by the U.S. Department of Justice against Swiss banks. BKB is accused of having helped U.S. clients to evade tax payments by accepting client transfers of undeclared funds in the past. If, when, and how much of a prosecution fine BKB might need to pay as legal compensation is uncertain. As a precaution, we have factored into our assessments a material onetime legal cost for BKB, but believe that such a cost would be offset by BKB's annual earnings. Moreover, we view positively BKB's ongoing improvements in its risk management of and downsizing in trading operations. These have caused higher earnings volatility, which compares unfavorably with most Swiss cantonal bank peers. Based on the abovementioned risks, we have lowered our assessment of BKB's stand-alone credit profile (SACP) to 'a+' from 'aa-'. We continue to factor into the ratings two notches of uplift from the SACP, reflecting our unchanged view of BKB as a government related entity (GRE). We consider that there is an "extremely high" likelihood that the Canton of Basel-City (AA+/Stable/A-1+), BKB's full owner, would provide timely and sufficient extraordinary support to the bank in the event of financial distress. We base this on our view of the bank's very important role for and integral link with the Basel-City government. Outlook The stable outlook reflects our view that BKB's capital and earnings sufficiently buffer potential financial risks and that the bank will continue to improve its risk management systems. Furthermore, it incorporates the continued likelihood of support from its owner and guarantor, the Canton of Basel-City. We do not consider further lowering our ratings on BKB, and would consider this only if we saw a massive deterioration in its stand-alone creditworthiness, which is highly unlikely. Even in this very remote case, the ratings would be supported by our view of extremely high likelihood of support. We are also unlikely to downgrade BKB if we were to lower our economic risk assessments for the Swiss banking industry, due to a negative economic trend from growing economic imbalances in Switzerland. We are unlikely to raise the ratings on BKB in the next months. We could consider an upgrade if we observed sustainable improvements in BKB's risk management, a workout of its risk positions, and improvements in the legal and AUGUST 6,

4 Research Update: Basler Kantonalbank Long-Term Ratings Lowered To 'AA' Due To Remaining Legal And Reputational Risks; Outlook Stable reputational environment. Alternatively and all other things remaining equal, we could raise the ratings on BKB if we raised our ratings on Basel-City. Ratings Score Snapshot To From Issuer Credit Rating AA/Stable/A-1+ AA+/Negative/A-1+ SACP a+ aa- Anchor a a Business Position Adequate (0) Adequate (0) Capital and Earnings Very Strong (+2) Very Strong (+2) Risk Position Moderate (-1) Adequate (0) Funding and Liquidity Average Average and Strong (0) and Strong (0) Support GRE Support Group Support 0 0 Sovereign Support 0 0 Additional Factors 0 0 Related Criteria And Research Outlook On Nine Swiss Banks To Negative On Exposure To Rising Property Prices; Ratings On All Swiss Banks Affirmed, July 3, 2012 Banks: Rating Methodology And Assumptions, Nov. 9, 2011 Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011 Rating Government-Related Entities: Methodology And Assumptions, Dec. 9, 2010 Bank Capital Methodology And Assumptions, Dec. 6, 2010 Ratings List Downgraded; Outlook Action To From Basler Kantonalbank Counterparty Credit Rating AA/Stable/A-1+ AA+/Negative/A-1+ Basler Kantonalbank Senior Unsecured AA AA+ Additional Contact: Financial Institutions Ratings Europe; FIG_Europe@standardandpoors.com AUGUST 6,

5 Research Update: Basler Kantonalbank Long-Term Ratings Lowered To 'AA' Due To Remaining Legal And Reputational Risks; Outlook Stable Complete ratings information is available to subscribers of RatingsDirect at and at spcapitaliq.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left column. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) ; London Press Office (44) ; Paris (33) ; Frankfurt (49) ; Stockholm (46) ; or Moscow 7 (495) AUGUST 6,

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