Over the next two years, we expect the Swedish Municipality of Sundsvall will contain spending on social services and maintain sound budgetary performance, despite continued high investment needs. We expect Sundsvall's management will continue to lengthen the maturity profile of its debt portfolio in 2016, 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 2018. On April 8, 2016, Standard&Poor's Rating 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' short-term
