This report supplements our research update "Swiss City of Lausanne 'A+' Rating Affirmed On Very Strong Economy And Strong Budgetary Performance; Outlook Stable," published on June 12, 2015, which is based on our criteria set out in "Methodology For Rating International Local And Regional Governments," published on June 30, 2014. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The rating on Lausanne primarily reflects our view of the very predictable and well-balanced institutional framework for municipalities located in the Swiss Canton of Vaud, including Lausanne. In addition, we factor in the
