In our view, Förvaltnings AB Framtiden's full integration into the City of Göteborg's in-house bank has strengthened its role for and financial relationship with its owner, and we believe there is a very high likelihood that Göteborg will support the group if needed. At the same time, Framtiden's liquidity has deteriorated, since the group cancelled its liquidity lines as part of its integration into the city's in-house bank. We consider Framtiden's overall credit quality unchanged and are therefore affirming our 'AA-/A-1+' global scale ratings and our 'K-1' regional scale rating on Framtiden. The stable outlook reflects our expectation that over the next two years Framtiden's financing risks will remain limited, because the city is now responsible for servicing Framtiden's external
