Deficits in municipal departments will pressure operating balances in the Municipality of Sundsvall and, together with significant investment in water and wastewater infrastructure, lead to increasing borrowing needs. This will cause debt to grow again, and we now project direct debt to operating revenue will surpass 140% by end of 2027. Nevertheless, we expect management will remain committed to its financial policies and safeguard the municipality's strong liquidity position. We affirmed our 'AA+/A-1+' and 'K-1' ratings on Sundsvall. The outlook is stable. On March 14, 2025, S&P Global Ratings affirmed its 'AA+/A-1+' long- and 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 rating
