The City of Linköping has issued a municipality guarantee of any future debt issued by its subsidiaries, including Swedish multi-utility Tekniska verken i Linkoping AB (TvAB). We see this as strengthening the link between the city and TvAB, and we are changing our assessment of the likelihood of extraordinary support to high from moderately high. We are subsequently raising our long-term corporate credit rating on TvAB to 'A+' from 'A'. The stable outlook reflects our view that TvAB's cash flows will likely continue to be supported by its fully regulated electricity distribution business and stable district heating operations. On Oct. 27, 2017, S&P Global Ratings raised its long-term corporate credit rating on Swedish multi-utility Tekniska verken i Linkoping AB (TvAB)
