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S&P upgrades Basler Kantonalbank

S&P Global Ratings on Nov. 12 upgraded Swiss lender Basler Kantonalbank's long-term issuer credit rating to AA+ from AA and revised the outlook on the rating to stable from positive.

The upgrade follows a similar move on the Swiss canton of Basel-City, the lender's owner and support provider. The agency said it continues to view Basler Kantonalbank as a government-related entity with an extremely high likelihood of receiving extraordinary support in case of need.

At the same time, the lender's short-term issuer credit rating was affirmed at A-1+.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.