We anticipate that the Canton of Solothurn will stabilize its debt burden, albeit at moderately high levels, keeping deficits after capital accounts under control. We currently do not include any potentially negative effects from Switzerland's nationwide corporate tax reform into our base-case scenario, as the effects are unclear and likely to emerge after 2020. We are affirming our 'AA+/A-1+' ratings on Solothurn. The stable outlook on Solothurn is based on our belief that the newly elected government will not deviate from the previous government's financial policies in the upcoming program for the legislation period. On June 9, 2017, S&P Global Ratings affirmed its 'AA+/A-1+' long- and short-term foreign and local currency issuer credit ratings on the Swiss Canton of Solothurn.
