The ratings on the Swiss Canton of Solothurn benefit from the predictable and supportive institutional framework for Swiss Cantons and a very positive liquidity situation, in our view. We expect that the canton will display a moderate debt burden, albeit increasing, over the next few years. We are affirming our long- and short-term ratings on Solothurn at 'AA+/A-1+'. The stable outlook reflects our view that the canton's management will remain committed to budgetary consolidation, despite the change in government, and to improving budgetary performance. On Dec. 20, 2013, Standard&Poor's Ratings Services affirmed its 'AA+/A-1+' long- and short-term issuer credit ratings on the Swiss Canton of Solothurn. The outlook is stable. The ratings on Solothurn benefit from the predictable
