A stable, sound financial performance A moderate debt burden that largely consists of on-lending to self-supporting municipal companies A stable, well-diversified local economy with above-average-income levels Declining, albeit above-national average, unemployment Demographic pressure from an ageing and slow-growing population Limited flexibility to adjust revenues and expenditures The ratings on Sweden's Municipality of Sundsvall reflect a stable financial performance; a moderate debt burden that to largely consists of on-lending to self-supporting municipal companies; and a stable well-balanced local economy with above-average-income levels, and declining, although still above-national-average, unemployment rate. The ratings, however, also take account of demographic pressure from an ageing and slow-growing population and limited flexibility to adjust revenues and expenditures. Sundsvall's local economy is well balanced: the importance of
