Basel-Country's budgetary performance showed stronger-than-expected resilience to COVID-19 headwinds, and we believe performance will improve from 2021. We believe Basel-Country's financial management will be able to maintain positive balances after capital accounts and debt reduction. Basel-Country's debt burden is set to decrease in 2022 thanks to a large maturity, which will be covered from withholding tax receivables currently deposited at the Swiss Confederation's treasury. We therefore revised our outlook on Basel-Country to positive from stable, and affirmed our 'AA+' long-term and 'A-1+' short-term ratings. On Nov. 5, 2021, S&P Global Ratings revised the outlook on the Swiss Canton of Basel-Country to positive from stable. At the same time, we affirmed the 'AA+/A-1+' long- and short-term issuer credit ratings. The positive
