We expect the municipality of Trelleborg's operating balance will remain robust through 2027, strengthened by solid tax revenue growth. That said, substantial investment needs will lead to a gradual debt build-up as Trelleborg transforms the harbor area into a new city district and expands the water, wastewater, and sewage infrastructure. We therefore revised our outlook on Trelleborg to negative from stable and affirmed our 'AA+/A-1+' long- and short-term issuer credit ratings. On May 16, 2025, S&P Global Ratings revised its outlook on the Swedish Municipality of Trelleborg to negative from stable. At the same time, we affirmed our 'AA+/A-1+' long- and short-term issuer credit ratings on Trelleborg. The negative outlook reflects an increased risk that high investment needs will lead
