The Swedish Municipality of Sundsvall is a dynamic and wealthy local economy serving as regional growth center. Sundsvall's sound budgetary performance, moderate debt position, and strong liquidity support are ratings supports. We are assigning an 'A-1+' short-term rating to Sundsvall and affirming the 'AA+' long-term and the 'K-1' Nordic regional scale ratings. The stable outlook reflects our expectation that Sundsvall will have only a moderate buildup of debt over the outlook horizon, will maintain sound budgetary performance, and will keep refinancing risk low and liquidity "positive". On April 30, 2013, Standard&Poor's Ratings Services assigned its 'A-1+' short-term issuer credit rating to the Swedish Municipality of Sundsvall. At the same time, we affirmed the 'AA+' long-term issuer credit and
