Very strong system support and institutional stability Satisfactory financial performance and healthy liquidity position Relatively modest debt burden in an international context, consisting mainly of onlending to self-supporting municipal companies Unfunded pension liabilities in line with Swedish average Above-average tax rate, which limits financial flexibility 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
