We expect Sundsvall to accumulate more debt over the next two years as the municipality's investment levels rise. Sundsvall's strong liquidity position and strong financial management offset the increasing debt burden. We are therefore affirming our 'AA+/A-1+' and 'K-1' ratings on Sundsvall. The outlook remains stable. On March 23, 2018, 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 Sundsvall will mitigate its rising debt levels by continuing to diligently manage liquidity and using a careful approval process of debt-financed investments. We could lower
