FRANKFURT (Standard&Poor's) July 26, 2005--Standard&Poor's Ratings Services said today it revised its outlook to stable from negative on the City of Lausanne (Lausanne), in Switzerland. At the same time, the 'A+' long-term issuer credit rating was affirmed. "The outlook revision reflects Standard&Poor's expectation that Lausanne will post adequate operating surpluses and moderate deficits after capital spending until 2008, buoyed by cost-cutting measures and a reform of the municipal equalization scheme in the Canton of Vaud (A/Stable/--), where the city is located," said Standard&Poor's credit analyst Christian Esters. The ratings on Lausanne are supported by the city's high wealth levels and improved budgetary performance. The ratings are constrained by the city's high debt
