We believe that a structurally strong operating margin, focus on fiscal discipline, and robust liquidity will help the Canton of Basel-Country absorb, and quickly overcome, a pronounced drop in 2020 results due to the COVID-19 pandemic. We expect Basel-Country's performance will pick up from 2021, but the structural impact from the Swiss corporate tax reform and expected capital expenditure levels will likely prevent a full return to the very strong results of the past three years. We are affirming our 'AA+/A-1+' ratings, with a stable outlook, on Basel-Country. On May 8, 2020, 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. We also affirmed our 'AA+' issue
