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S&P revises outlook on Aargauische Kantonalbank

S&P Global Ratings on July 26 revised its outlook onAargauischeKantonalbank to negative from stable, while affirming the bank'sAA+/A-1+ long- and short-term issuer credit ratings.

The outlook revision reflects the negative outlook on the Cantonof Aargau, Switzerland, which fully owns the bank and guarantees itsliabilities. S&P considers the bank to be a government-related entity withan exceptionally high probability of receiving government support, if needed.

S&P Global Ratings and S&P Global MarketIntelligence are owned by S&P Global Inc.