On June 21, 2007, Standard&Poor's Ratings Services revised the outlook on the Municipality of Sundsvall to positive from stable to reflect a strengthening of the Swedish institutional framework for local and regional governments (LRGs). At the same time the 'AA-' rating was affirmed. The rating action (see "Swedish LRG Outlooks Revised To Positive On Stronger Institutional Framework", published on Ratings Direct on June 21, 2007) reflects a gradual strengthening of the institutional framework in recent years with the introduction of a balanced budget requirement and a far-reaching equalization system. As a result, the Swedish system is now one of the strongest in the world, in Standard&Poor's assessment. Moreover, the country's long track record of stability indicates
