We expect the City of Lausanne's prudent financial management and tight grip on operating spending will preserve its strong budgetary performance despite inflationary pressures and elevated capital spending needs. Lausanne will benefit from a higher debt service coverage ratio due to a decline in long-term debt repayments in the coming years and persistent access to ample liquidity lines with two Swiss cantonal banks. We therefore raised our long-term issuer credit rating on Lausanne to 'AA-' from 'A+'. The outlook is stable. On June 2, 2023, S&P Global Ratings raised its foreign and local currency long-term issuer credit ratings on the Swiss City of Lausanne to 'AA-' from 'A+'. The outlook is stable. We also raised our issue rating on Lausanne's
