Excellent budgetary performance. High amount of liquid reserves available. Low direct debt burden. Low contingent liabilities. Stable and predictable intergovernmental support of governments in Switzerland. Expected decline in budgetary performance. Relatively high underfunding of the cantonal pension fund. Below-average wealth levels in national context leading to dependence on national transfer system. The ratings on the Canton of Solothurn in Switzerland are based on our view of Solothurn's excellent budgetary performance, which reached at an all-time high in 2009, with operating surpluses at 16.1% of operating revenues and a surplus after capital expenditures at 9.9% of total revenues. We note that Solothurn achieved this result in spite of the economic crisis in 2009. Although the canton faces the prospect of lower
