We see the Swedish Municipality of Sundsvall as benefitting from a very strong institutional framework, robust budgetary performance, and a local economy with sound macroeconomic structures. We are raising our rating on Sundsvall to 'AA+' from 'AA' and affirming the 'K-1' short-term national scale rating. The stable outlook reflects our expectations of continued sound budgetary performance and only modest net new borrowing needs for the city treasury through 2013. On April 5, 2011, Standard&Poor's Ratings Services raised its long-term issuer credit rating on the Swedish Municipality of Sundsvall to 'AA+' from 'AA'. The outlook is stable. At the same time, the'K-1' short-term Nordic national scale rating was affirmed. The ratings reflect Sundsvall's robust budgetary performance, moderate debt position,
