This report does not constitute a rating action. Overview Credit context and assumptions Base-case expectations Basel-Country continues to benefit from a strong national and local economy, with a robust tax base. Strong tax revenue growth will continue throughout our forecast horizon. The fallout from U.S. tariffs would only moderately affect Basel-Country, in our view. We expect the canton to continue implementing cost-saving measures. We expect continued compliance with the debt brake rule. We expect the canton to post very strong financial performance, together with Swiss National Bank (SNB) dividends. The operating surplus and balance after capital accounts returned to the high levels seen in 2021 and 2022. Therefore, we now think that Basel-Country is well positioned to weather any potential
