We expect the Swiss City of Lausanne to maintain its tight rein on operating expenditures and post moderate annual deficits after capital accounts by year-end 2016. We are therefore affirming our 'A+' long-term rating on Lausanne. The stable outlook reflects our view that the city will maintain its tax-supported debt below 180% of operating revenues through 2016. On Dec. 12, 2014, Standard&Poor's Ratings Services affirmed its 'A+' long-term issuer credit rating on the Swiss City of Lausanne. The outlook remains stable. The rating on Lausanne primarily reflects our view of the very predictable and well-balanced institutional framework for municipalities located in the Canton of Vaud, including Lausanne. In addition, we factor in the city's very strong economy, strong
