The Swiss City of Lausanne will likely maintain its tight rein on operating expenditures. We believe Lausanne will post moderate annual deficits after capital accounts until 2015. We are therefore affirming our 'A+' long-term rating on Lausanne. The stable outlook reflects our belief that the city will maintain its tax-supported debt at less than 180% of operating revenues by 2015. On Dec. 13, 2013, Standard&Poor's Ratings Services affirmed its 'A+' long-term issuer credit rating on the Swiss City of Lausanne. The outlook is stable. The rating on Lausanne mainly reflects our view of the "predictable and well-balanced" institutional framework for municipalities located in the Canton of Vaud, including Lausanne. We also factor in Lausanne's wealthy and resilient economy,
