We expect the Swedish Municipality of Sundsvall will contain spending on social services and enforce strict budgetary discipline, despite continued high investment needs. We are affirming our 'AA+/A-1+' and 'K-1' ratings on Sundsvall. The stable outlook reflects our base-case expectation that risks to the ratings are balanced. Sundsvall's strong liquidity position, financial management, and revenue flexibility will counterbalance spending pressures through 2019. On March 31, 2017, S&P Global Ratings 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 Nordic regional scale rating on Sundsvall. The stable outlook reflects our expectation that Sundvall will continue its prudent debt and liquidity management,
