Switzerland has a significant financial sector in the direct sphere of influence of the public sector. With few exceptions, these financial institutions pursue relatively conservative business models and are in direct competition with private competitors. The structures of the public financial sector have grown historically and are subject to constant change. Only recently, this change was underpinned by the partial privatization of PostFinance.
Ratings are awarded on the basis of our rating model for financial institutions in the private sector. When assessing creditworthiness, we take into account the business models and strategies of these institutions, as well as the relevant institutional framework at federal and cantonal level, the ownership structure, and any support from the public sector. Our rating universe includes all the cantonal banks in Switzerland.