We expect the Swiss Canton of Basel-City will continue to post a strong budgetary performance in 2016-2018 on sound tax revenues and prudent operating expenditure control. Basel-City benefits from the extremely predictable and supportive institutional framework for Swiss cantons and a very strong local economy. We are affirming our 'AA+/A-1+' ratings on Basel-City. The stable outlook reflects our expectation that Basel-City's budgetary performance will remain strong amid increasing investment expenditures and the canton's strong financial managment will preserve its strong liquidity. On Nov. 27, 2015, Standard&Poor's Ratings Services affirmed its 'AA+/A-1+' long- and short-term issuer credit ratings on the Swiss Canton of Basel-City. The outlook is stable. The ratings on Basel-City benefit from the extremely predictable and supportive
