We expect the Swiss Canton of Basel-City will continue to achieve strong budgetary performance in our forecast horizon to 2019, based on healthy tax revenues and expenditure control. The canton benefits from the extremely predictable and supportive institutional framework for Swiss cantons, its very strong economic profile, and an exceptional liquidity position. We are affirming our 'AA+/A-1+' ratings on Basel-City. The stable outlook reflects the canton's strong budgetary performance with almost-balanced results after capital accounts in 2016-2019. It also reflects our view that Basel-City's financial management will preserve sound planning practices and that its finances from 2020 could withstand the impact from the corporate tax reform III thanks in part to the canton's high level of preparedness. On Nov. 25,
