We believe the Swiss Canton of Basel-Country has a very strong economy and benefits from exceptional liquidity due to ample available liquidity lines and a stable liquid assets position. Following the recapitalization of its pension fund in 2014 and 2015, Basel-Country's debt has significantly increased. We are affirming our 'AA+/A-1+' ratings on Basel-Country. The stable outlook reflects our expectation that Basel-Country will maintain exceptional liquidity and post improved budgetary performance thanks to its renewed commitment to implement consolidation measures over the coming years. On May 27, 2016, S&P Global Ratings affirmed its 'AA+/A-1+' long-and short-term issuer credit ratings on the Swiss Canton of Basel-Country. The outlook remains stable. The affirmation reflects our view of the extremely predictable and supportive institutional
