The properties of belief revision operators are known to have an informal semantics which relates them to the axioms of conditional logic. The purpose of this paper is to make this connection precise via the model theory of conditional logic. A semantics for conditional logic is presented, which is expressed in terms of algebraic models constructed ultimately out of revision operators. In addition, it is shown that each algebraic model determines both a revision operator and a logic, that are related (...) by virtue of the stable Ramsey test. (shrink)