Very strong system support and institutional stability Satisfactory financial performance and adequate liquidity position Relatively modest debt burden in an international context, consisting mainly of onlending to self-supporting municipal companies Tax revenues negatively affected by national economic slowdown Unfunded pension liabilities in line with Swedish average Above-average tax rate, which slightly 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 an adequate liquidity position. Offsetting these strengths, however, are tax revenues that
