On April 24, 2026, we revised our outlook on the 100% owner of Tekniska verken i Linkoping (TvAB), the Municipality of Linkoping (Linkoping), to positive from stable on prudent management. Our rating on TvAB continues to benefit from two notches of support to its stand-alone credit profile (SACP) of ?a-? based on a high likelihood of extraordinary support. We expect the company to maintain an almost stable investment profile with capital expenditure (capex) of about Swedish krona (SEK) 1.5 billion annually, focusing mostly on power and water networks and on district heating; and S&P Global Ratings-adjusted funds from operations (FFO) to debt that will remain strong, at 53%-65% over 2026-2028. Therefore, we revised our outlook on TvAB to positive from
