This report does not constitute a rating action. Overview Credit context and assumptions Base-case expectations Solothurn benefits from a strong national and local economy, with a robust tax base. We expect potential revenue shortfalls and spending pressures, particularly in health and education, to weigh marginally on fiscal results in 2026 and 2027. We think that the canton has sufficient capacity to absorb budgetary challenges over the next few years. Fiscal buffers accumulated in 2024 will be further strengthened by similarly favorable results in 2025, creating fiscal space to help navigate the more challenging years ahead. Financial management will adhere to its deficit brake rule and constrain spending. This is reflected in the implementation of various saving measures. We estimate that
