Predictable and well-balanced institutional framework. Wealthy and diversified economy with strong education and health sectors. Positive financial management. Solid budgetary performance. Limited contingent liabilities. High tax-supported debt. Negative liquidity position. Large share of unfunded liabilities. The rating on the Swiss City of Lausanne reflects Standard&Poor's Ratings Services' view of the "predictable and well-balanced" institutional framework for municipalities located in the Canton of Vaud (AAA/Stable/--), including Lausanne. We also factor in Lausanne's wealthy and resilient economy, with its strong health and education sectors; the city's "positive" financial management, and its limited contingent liabilities. The rating is constrained by Lausanne's high tax-supported debt, large unfunded pension liabilities from its pension fund Caisse de Pensions du Personnel Communal (CPCL), and its
