This report supplements our research update "Swiss City of Lausanne 'A+' Rating Affirmed; Outlook Remains Stable," published on June 8, 2018. 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 stable outlook reflects our view that Lausanne, the capital city of the Canton of Vaud, will maintain sound budgetary performance through 2020. We believe the city will be able to retain deficits after capital accounts below 5% of total revenues despite the implementation of the corporate tax reform in Vaud from 2019. The city's direct debt burden, although still very high,
