Swedish public housing provider Fastighets AB Förvaltaren has a very strong enterprise profile and a strong financial profile, albeit with a short-dated debt profile and an investment program that could lead to further debt accumulation. We think there is a high likelihood that the City of Sundbyberg, Förvaltaren's owner, would provide timely and sufficient extraordinary support to Förvaltaren in the event of financial distress. We are affirming our 'AA-/A-1+' long- and short-term issuer credit ratings and our 'K-1' Nordic regional scale rating on the company. The stable outlook reflects our expectation that Förvaltaren's stand-alone credit profile will remain at its current level and that its continued investments will help cement its role as a dominant rental housing landlord in Sundbyberg.
