This report supplements our research update "Swiss City of Lausanne 'A+' Long-Term Rating Affirmed; Outlook Stable," published on June 10, 2016. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The rating on Lausanne primarily reflects S&P Global Ratings' view of the very predictable and well-balanced institutional framework for municipalities located in the Canton of Vaud, including Lausanne. In addition, we factor in the city's very strong economy, strong budgetary performance, and strong financial management. We also take into account Lausanne's average budgetary flexibility, and our view of its contingent liabilities as
