We believe that the management of Basel-City has built sufficient financial headroom to weather revenue losses coming from the national tax reform. We estimate that revenue shortfalls might result in small deficits from 2020, but will not lead to sustained debt accumulation. We are raising the long-term rating on Basel-City to 'AAA' from 'AA+'. The outlook is stable. On Nov. 9, 2018, S&P Global Ratings raised its long-term issuer credit rating on the canton of Basel-City to 'AAA' from 'AA+'. At the same time, we affirmed our 'A-1+' short-term issuer credit rating. The outlook is stable. We also raised to 'AAA' from 'AA+' our issue ratings on Basel-City's senior unsecured debt. The stable outlook on Basel-City reflects our expectation that
