Over the next two years, we expect the Swedish Municipality of Sundsvall to contain spending on social services and maintain sound budgetary performance, despite increasing investment needs. We expect Sundsvall's management to lengthen the maturity profile of its debt portfolio in 2015, further strengthening its liquidity position. We are affirming our 'AA+/A-1+' and 'K-1' ratings on Sundsvall. The stable outlook reflects our base-case expectation that Sundsvall will maintain a strong liquidity position and enforce strict budgetary discipline through 2017. On April 10, 2015, Standard&Poor's Ratings Services affirmed its 'AA+' long-term and 'A-1+' short-term issuer credit ratings on the Swedish Municipality of Sundsvall. The outlook is stable. At the same time, we affirmed our 'K-1' Nordic regional scale short-term
