The ratings on the Swedish Municipality of Sundsvall reflect the very strong system support and institutional stability of the local and regional government (LRG) system in the Kingdom of Sweden (AAA/Stable/A-1+), a track record of adequate financial performance; a moderate debt burden, a large part of which is onlent to self-supporting municipal companies; and a healthy liquidity position. Offsetting these strengths, however, are unfunded pension liabilities in line with the Swedish average and slightly limited flexibility to adjust revenues and expenditures due to an above-average tax rate and expenditures, largely attributable to compulsory labor-intensive services. The municipality of Sundsvall benefits from very strong system support and institutional stability. The Swedish LRG system is among the strongest in the world, thanks
