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Strong Credit Fundamentals: Switzerland’s ‘AAA’ ratings reflect a high value-added economy, with income and governance indicators above rating medians, a strong net external creditor position, and the reserve currency status of the Swiss franc. A record of prudent economic and fiscal policymaking supports macroeconomic stability, and government debt levels are among the lowest of ‘AAA’ rated sovereigns. ���������ֳ� believes the UBS-Credit Suisse (CS) integration is proceeding without material risks to the sector or sovereign balance sheet. Low Debt Levels: Public finances are a rating strength for Switzerland, with general government debt projected at 25.3% of GDP by end-2024 (current ‘AAA’ median: 39%). ���������ֳ� expects public debt levels to decline over the medium term, to 22% of GDP by 2028, given nominal economic growth and largely stable primary surpluses. All of Switzerland’s public debt is local-currency denominated, with an average time to maturity of 10.5 years. Stable Public Finances: The general government balance is projected to improve to 0.8% of GDP in 2024 (2023: 0.2%; current ‘AAA’ median: -1.4%), mainly due to the strong performance of social security funds, which are benefiting from the stable economic situation. The surplus will slightly decline to 0.7% of GDP in 2025 due to increased defence spending and a deferred capital injection for the state rail operator, and further to 0.4% in 2026, as costs from the 13th month pension (approved by public initiative in March 2024) become apparent.