Recent budget execution data implies a strong operating margin and a surplus after capital accounts for the Swiss canton of Basel-Country in 2019. Assuming acceptance of the cantonal implementation law for the Swiss corporate tax reform in the referendum Nov. 24, we forecast slightly softer budgetary performance starting in 2020, but still broadly balanced accounts after capital expenditures. Reflecting performance, we predict Basel-Country's relative debt burden to eventually decline gradually. We are affirming our 'AA+/A-1+' ratings on the canton, and the outlook remains stable. On Nov. 22, 2019, 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. At the same time, S&P Global Ratings affirmed its 'AA+'
