On June 6, 2014, Standard & Poor's Ratings Services affirmed its 'AA-'
long-term issuer credit rating on Switzerland's Republic and Canton of Geneva
(Geneva Canton). The outlook remains stable.
· We believe the Republic and Canton of Geneva in Switzerland has a very
strong economy and positive financial management.
· We are affirming our 'AA-' rating on Geneva Canton.
· The stable outlook reflects our expectation that Geneva Canton will limit
its deficit after capital accounts and debt accumulation over 2014-2016.