Standard&Poor's Ratings Services has affirmed its 'A+' long-term issuer credit rating on the Swiss City of Lausanne. The outlook is stable. The rating on Lausanne reflects its solid budgetary performance and tight cost control, as well as its wealthy and diversified economy. Offsetting these factors are the city's cyclical revenues and a high debt burden, as well as the poor financial profile of the city's pension fund, which is expected to be enhanced in the coming months through partial recapitalization. Despite additional expenditures transferred to the city beyond the scope of the reform of the equalization system at the federal level, Lausanne's operating surplus (before amortization and provisions) stabilized at 8.5% of operating revenues in 2008, due to
