The Swiss City of Lausanne benefits from a very strong economy and has a strong budgetary performance. We are affirming our 'A+' long-term issuer credit rating on Lausanne. The stable outlook reflects our view that Lausanne will maintain a strong budgetary performance--with limited deficits after capital accounts--and its tax-supported debt below 180% of operating revenues. On June 12, 2015, 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 budgetary performance,
