attempting to create a std::string of size 65535 or greater fails with Perennial CPPVS V8.1

#include <iostream>
#include <string>

const size_t maxlen = 65536U;
char array[maxlen];

struct test_traits : public std::char_traits<char>
{ };

template<class T>
struct test_alloc : public std::allocator<T>
{
    typedef typename std::allocator<T>::size_type size_type;

    template<class Y>
    struct rebind
    {
        typedef test_alloc<Y> other;
    };

    test_alloc() throw() { }
    test_alloc(const test_alloc& rhs) throw() { }

    template<class Y>
    test_alloc(const test_alloc<Y>& y) throw() { }

    ~test_alloc() throw() { }

    size_type max_size() const throw() { return maxlen; }
};

int main()
{
    typedef
    std::basic_string<char, test_traits, test_alloc<char> > test_string;

    int ret = 0;
    size_t i, j;

    for (i = 0; i < maxlen; i++)
        array[i] = '*';

    array[maxlen - 1] = '\0';

    for (i = 0; i < maxlen - 1; i+= 8)
    {
        array[i] = '\0';
        test_string s(array);

        j = s.size();
        array[i] = '-';

        if (i != j)
        {
            std::cerr << "i = " << i << " j = " << j << " expected i == j"
                      << std::endl;
            ret = 1;
            break;
        }
    }

    return ret;
}