The ratings on the Swiss Canton of Solothurn benefit from our view of the extremely predictable and supportive institutional framework for Swiss cantons and Solothurn's exceptional liquidity. We expect the canton's debt burden to increase sharply in 2015 due to pension fund financing, and continue to rise gradually over the following few years owing to the budget deficit, while still remaining moderate overall. We are affirming our 'AA+/A-1+' ratings on Solothurn. The stable outlook reflects our view that the canton's budgetary performance will improve gradually over the coming years and management will remain highly committed to budgetary consolidation. On June 19, 2015, Standard&Poor's Ratings Services affirmed its 'AA+/A-1+' long- and short-term issuer credit ratings on the Swiss Canton
