We believe Framtiden's financial performance will improve over its 2017 results following its planned revenue and expense efficiency measures, despite increased maintenance costs. At the same time, Framtiden's debt will likely increase due to the group's upcoming capital expenditure program. We are affirming our 'AA-/A-1+' and 'K-1' ratings on Framtiden. The stable outlook reflects our expectation that, despite rising debt, Framtiden's financial management will stick to its financial policy and maintain its financial performance. On Oct. 23, 2018, S&P Global Ratings affirmed its 'AA-/A-1+' long- and short-term issuer credit ratings on Swedish public housing provider Förvaltnings AB Framtiden. The outlook is stable. At the same time, we affirmed our 'K-1' short-term Nordic regional scale rating on Framtiden. We expect Framtiden's
