We assume that the upcoming change in financial management will not significantly alter the Canton of Basel-City's financial politics. We believe revenue losses from the national tax reform will affect the canton's budgetary performance, but not lead to significant deficits since it has created sufficient headroom. We are affirming our 'AAA' long-term and 'A-1+' short-term ratings on the Canton of Basel-City and maintaining our stable outlook. On Nov. 8, 2019, S&P Global Ratings affirmed its 'AAA/A-1+' long- and short-term issuer credit ratings on the Swiss Canton of Basel-City. The outlook remains stable. We also affirmed our 'AAA' issue ratings on Basel-City's senior unsecured debt. The stable outlook reflects our view that Basel-City will continue to achieve sound budgetary performance over
