The ratings on Sweden's Municipality of Sundsvall reflect an adequate, although declining, financial performance; a moderate debt burden that to a large extent consists of on-lending to self-supporting municipal companies; and a stable well-balanced local economy with above-average-income levels. The ratings, however, also take account of demographic pressure from an ageing and slowly growing population; and limited flexibility to adjust revenues and expenditures. Sundsvall's local economy is well balanced: the importance of the traditionally strong industrial sector is decreasing and a dynamic growing services sector has evolved. Sundsvall's economy is characterized by three main sectors: forestry, IT, and bank and insurance. The municipality is not dependent on any one single private employer or sector. In line with the national trend,
