Finansiering och rating

Likviddag: 2026-02-20

• Lånenummer: 263
• Förfallodag: 2031-02-20
• Belopp i miljoner: 500
• Valuta: SEK
• ISIN: SE0026275521
• Ränta: Stibor 3M + 0,235.

Likviddag: 2026-02-12

• Lånenummer: 262
• Förfallodag: 2029-02-12
• Belopp i miljoner: 300
• Valuta: SEK
• ISIN: SE0026275489
• Ränta: Stibor 3M + 0,13.

Likviddag: 2025-11-28

• Lånenummer: 261
• Förfallodag: 2030-11-28
• Belopp i miljoner: 400
• Valuta: SEK
• ISIN: SE0026275315
• Ränta: Stibor 3M + 0,32.

Likviddag: 2025-10-02

• Lånenummer: 260
• Förfallodag: 2030-10-02
• Belopp i miljoner: 400
• Valuta: SEK
• ISIN: SE0013107000
• Ränta: Stibor 3M + 0,29.

Likviddag: 2025-06-19

• Lånenummer: 259
• Förfallodag: 2030-06-19
• Belopp i miljoner: 400
• Valuta: SEK
• ISIN: SE0013106796
• Ränta: Stibor 3M + 0,295.

Likviddag: 2025-05-20

• Lånenummer: 258
• Förfallodag: 2030-07-01
• Belopp i miljoner: 500
• Valuta: SEK
• ISIN: SE0023440268
• Ränta: Stibor 3M + 0,325.

Likviddag: 2025-01-28

• Lånenummer: 257
• Förfallodag: 2030-01-28
• Belopp i miljoner: 500
• Valuta: SEK
• ISIN: SE0013885431
• Ränta: Stibor 3M + 0,27.

Likviddag: 2024-12-18

• Lånenummer: 256
• Förfallodag: 2029-12-18
• Belopp i miljoner: 400
• Valuta: SEK
• ISIN: SE0013885399
• Ränta: Stibor 3M + 0,355.

Likviddag: 2024-11-06

• Lånenummer: 255
• Förfallodag: 2029-11-06
• Belopp i miljoner: 400
• Valuta: SEK
• ISIN: SE0013361961
• Ränta: Stibor 3M + 0,285.

Likviddag: 2024-08-20

• Lånenummer: 254
• Förfallodag: 2029-08-20
• Belopp i miljoner: 500
• Valuta: SEK
• ISIN: SE0013106218
• Ränta: Stibor 3M + 0,23.

Likviddag: 2024-05-23

• Lånenummer: 253
• Förfallodag: 2029-05-23
• Belopp i miljoner: 300
• Valuta: SEK
• ISIN: SE0013106143
• Ränta: Stibor 3M + 0,21.

Likviddag: 2024-04-23

• Lånenummer: 252
• Förfallodag: 2029-04-23
• Belopp i miljoner: 250
• Valuta: SEK
• ISIN: SE0013361524
• Ränta: Stibor 3M + 0,27.

Likviddag: 2024-04-17

• Lånenummer: 251
• Förfallodag: 2028-04-17
• Belopp i miljoner: 300
• Valuta: SEK
• ISIN: SE0013106002
• Ränta: Stibor 3M + 0,21.

Likviddag: 2024-02-16

• Lånenummer: 250
• Förfallodag: 2026-02-16
• Belopp i miljoner: 400
• Valuta: SEK
• ISIN: SE0020356665
• Ränta: Stibor 3M + 0,07.

Likviddag: 2023-12-01

• Lånenummer: 248
• Förfallodag: 2028-12-01
• Belopp i miljoner: 500
• Valuta: SEK
• ISIN: SE0013105756
• Ränta: Stibor 3M + 0,315.

Likviddag: 2023-12-01

• Lånenummer: 249
• Förfallodag: 2026-12-01
• Belopp i miljoner: 250
• Valuta: SEK
• ISIN: SE0013361235
• Ränta: Stibor 3M + 0,12.

Likviddag: 2023-10-13

• Lånenummer: 247
• Förfallodag: 2028-10-13
• Belopp i miljoner: 500
• Valuta: NOK
• ISIN: NO0013039503
• Ränta: Nibor 3M + 0,2175.

Likviddag: 2023-09-04

• Lånenummer: 246
• Förfallodag: 2028-09-04
• Belopp i miljoner: 500
• Valuta: SEK
• ISIN: SE0019176892
• Ränta: Stibor 3M + 0,36.

Likviddag: 2023-05-30

• Lånenummer: 245
• Förfallodag: 2027-05-31
• Belopp i miljoner: 400
• Valuta: SEK
• ISIN: SE0017780554
• Ränta: Stibor 3M + 0,235.

Likviddag: 2023-04-24

• Lånenummer: 244
• Förfallodag: 2028-04-24
• Belopp i miljoner: 500
• Valuta: NOK
• ISIN: NO0012898610
• Ränta: Nibor 3M + 0,23.

Likviddag: 2022-11-23

• Lånenummer: 243
• Förfallodag: 2027-11-23
• Belopp i miljoner: 700
• Valuta: NOK
• ISIN: NO0012759036
• Ränta: Nibor 3M + 0,24.

Likviddag: 2022-04-26

• Lånenummer: 239 (tranche 2)
• Förfallodag: 2027-04-20
• Belopp i miljoner: 300
• Valuta: SEK
• ISIN: SE0013104502
• Ränta: Stibor 3M + 0,75.

Likviddag: 2022-02-22

• Lånenummer: 242
• Förfallodag: 2027-02-22
• Belopp i miljoner: 500
• Valuta: SEK
• ISIN: SE0013104932
• Ränta: Stibor 3M + 0,75.

Likviddag: 2021-11-15

• Lånenummer: 241 (tranche 2)
• Förfallodag: 2026-11-10
• Belopp i miljoner: 150
• Valuta: SEK
• ISIN: SE0016274187
• Ränta: Stibor 3M + 0,75.

Likviddag: 2021-11-10

• Lånenummer: 241
• Förfallodag: 2026-11-10
• Belopp i miljoner: 250
• Valuta: SEK
• ISIN: SE0016274187
• Ränta: Stibor 3M + 0,75.

Likviddag: 2021-08-31

• Lånenummer: 240
• Förfallodag: 2027-08-31
• Belopp i miljoner: 500
• Valuta: SEK
• ISIN: SE0014783171
• Ränta: Stibor 3M + 0,75.

Likviddag: 2021-04-28

• Lånenummer: 238 (tranche 2)
• Förfallodag: 2026-04-01
• Belopp i miljoner: 200
• Valuta: SEK
• ISIN: SE0013102100
• Ränta: Stibor 3M + 0,75.

Likviddag: 2021-04-20

• Lånenummer: 239
• Förfallodag: 2027-04-20
• Belopp i miljoner: 200
• Valuta: SEK
• ISIN: SE0013104502
• Ränta: Stibor 3M + 0,75.

Likviddag: 2021-04-01

• Lånenummer: 238
• Förfallodag: 2026-04-01
• Belopp i miljoner: 500
• Valuta: SEK
• ISIN: SE0013102100
• Ränta: Stibor 3M + 0,75.

March 13, 2026.

Research Update:
Swedish Municipality of Sundsvall 'AA+/A-1+' And 'K-1' Ratings Affirmed; Outlook Negative.

Overview

We believe that the ongoing investigation related to fraud in Sundsvall Logistikpark AB adds uncertainty for our view on Sundsvall's management , although we believe additional financial impact from the investigation, beyond write-down of valuation, will be small.

Lower growth prospects in the region, due to delays in national infrastructure and private industrial projects, will lead to postponed or reduced municipal infrastructure investments through 2028.

We expect slower debt accumulation than previously due to the reduction in capital expenditure (capex), for instance at Sundsvall Vatten AB and Mitthem AB. In our view the reduction is partially a temporary postponement of investments that would be added back in
the future to help needed local economic growth.

We affirmed our 'AA+/A-1+' and 'K-1' ratings on Sundsvall and maintained the negative outlook.

Rating Action

On March 13, 2026, S&P Global Ratings affirmed its 'AA+/A-1+' long- and short-term issuer credit ratings on the Swedish Municipality of Sundsvall. The outlook is negative. At the same time, we affirmed our 'K-1' Nordic regional scale rating on Sundsvall.

Outlook

The negative outlook reflects the risk that the ongoing investigation could negatively affect
confidence and trust in Sundsvall's management, which could also reduce its ability to effectively tackle ongoing operational challenges.

Downside scenario

We could lower the ratings if Sundsvall's financial management culture and controls, including oversight over municipal enterprises, turn out to be weaker than we previously anticipated, reducing the management's ability to adopt and implement prudent financial policy.

Upside scenario

We could revise the outlook to stable if we consider management's competence, both of political and civil servants, at a level reassuring high standards for accounting, budgeting, and control of its enterprise sector. This assessment will be informed by possible amendments to Sundsvall's organizational setup, managerial policies, and governance of its subsidiaries.

Rationale

We affirmed the rating to reflect our view that the municipality's overall credit profile remains
resilient, despite the ongoing investigation into Sundsvall Logistikpark AB. Delays in national infrastructure and industrial projects have led to lower expected population growth and local demand, which may negatively affect Sundsvall's revenue growth in the medium to long term. However, this led to a sharp reduction in planned capex in the water utility company Sundsvall Vatten AB and housing company Mitthem AB. Reduced capex temporarily alleviates pressure on debt accumulation in the municipal group. Furthermore, the ongoing investigation of fraud in municipal company Sundsvall Logistikpark AB poses a risk to confidence and trust in Sundsvall's management, potentially affecting its ability to effectively tackle ongoing operational challenges. We believe, however, that Sundsvall's strong liquidity position, the extremely supportive nature of the institutional framework, with its strong financial equalization across local and regional governments (LRGs) and Sundsvall's local economy, will remain key credit strengths.

Sweden's extremely supportive institutional framework continues to underpin the ratings

We consider the institutional framework under which Sundsvall operates as extremely predictable and supportive. In our view, the framework for LRGs in Sweden is highly stable, and the sector's revenue and expenditure management are based on a far-reaching equalization system and tax autonomy. (See "Swedish Municipalities And Regions Are Shifting Capex To Replace Aging Infrastructure, Log in, capitaliq.com," Dec. 11, 2025).

We note that management is attempting to improve its governance of subsidiaries following the investigation related to Sundsvall Logiskpark AB, expanding on initiatives to improve governance carried out since beginning of 2025. We remain concerned that there could be structural loss of confidence in the municipal leadership, which could hamper efficiency of its policy implementation. Additionally, the municipality is currently in the process of filling some of the vacant top leadership positions in the municipal group. We believe the municipality's management displays sound debt and liquidity management, supported by its existing track record of maintaining a strong debt service coverage ratio. Overall, we continue to see widespread consensus regarding Sundsvall's key priorities and to consolidate the municipal group.

Sundsvall also benefits from Sweden's strong economic position, underlined by our national GDP per capita forecast of about $63,300 in 2026. The municipality's unemployment and income levels are approximately on par with national averages, but the population is declining and aging, adding risks to local economy growth.

Debt accumulation flattens as economic growth in the region slows

We expect tax revenue in Sundsvall to grow slightly below the national average, leading to maintained operating balances around 5% through 2028. We believe management will refrain from extracting dividends from its holding company in the coming couple of years in response to the intragroup recapitalization of Sundsvall Logistikpark AB as the write-down of the valuation is carried out. We expect management to remain committed to budgetary discipline and seek to focus on controlled spending. With lower birth rates and population growth, municipal investments will remain below the high levels seen in 2023-2024, leading to only small deficits after capital accounts.

Delays and revised plans related to national infrastructure and private industrial projects in the region also reduce demand for municipal investments in both housing and municipal infrastructure, such as water and heating. The municipality is responding to this by significantly reducing or postponing its planned investments in the municipal group, which risks adding to cyclicality and diminishing growth in local economy if they are fully scrapped instead of postponed. The municipality has noticeably reduced investments in Sundsvall Vatten AB by about Swedish krona (SEK) 150 million per year through 2028. Sundsvall Vatten AB, which we view as a core municipal operation, will continue to be the driver of municipal debt through 2028, despite the reduction. We reflect this negatively in our assessment of Sundsvall's average budgetary performance.

The revised investment plans also extend to municipal housing company Mitthem AB, with an expected reduction of about SEK80 million annually. The municipality's direct debt will, with the investments in the municipal group, increase slowly and reach 136% of operating revenue by 2028 for a high indebtedness, although about 10% lower than our previous expectations. We note, however, that the reduction is largely a response to lower economic growth in the region and that investments in the municipal group could increase again in coming years.

We continue to view Sundsvall's liquidity position as strong with liquidity sources comprising cash, contracted facilities, and checking accounts covering debt maturities and interest expenditure by 160%. Moreover, Sundsvall has a history of reliable access to external financing, even in times of financial distress.

Municipality of Sundsvall - Selected Indicators (Mil. SEK)

Operating Revenue

• 2023: 8 741
• 2024: 8 992
• 2025: 9 264
• 2026bc: 9 583
• 2027bc: 9 896
• 2028bc: 10 222.

Operating Expenditure

• 2023: 8 166
• 2024: 8 612
• 2025: 8 774
• 2026bc: 9 115
• 2027bc: 9 382
• 2028bc: 9 651.

Operating Balance

• 2023: 575
• 2024: 380
• 2025: 490
• 2026bc: 468
• 2027bc: 514
• 2028bc: 570.

Operating Balance (% of Operating Revenue)

• 2023: 6,6 %
• 2024: 4,2 %
• 2025: 5,3 %
• 2026bc: 4,9 %
• 2027bc: 5,2 %
• 2028bc: 5,6 %

Capital Revenue

• 2023: 170
• 2024: 90
• 2025: 51
• 2026bc: 25
• 2027bc: 25
• 2028bc: 25.

Capital Expenditure

• 2023: 836
• 2024: 875
• 2025: 661
• 2026bc: 691
• 2027bc: 644
• 2028bc: 617.

Balance After Capital Accounts

• 2023: –91
• 2024: –405
• 2025: –120
• 2026bc: –198
• 2027bc: –105
• 2028bc: –21.

Balance After Capital Accounts (% of Total Revenue)

• 2023: –1,0 %
• 2024: –4,5 %
• 2025: –1,3 %
• 2026bc: –2,1 %
• 2027bc: –1,1 %
• 2028bc: –0,2 %

Debt Repaid

• 2023: 3 250
• 2024: 3 409
• 2025: 3 250
• 2026bc: 3 100
• 2027bc: 4 284
• 2028bc: 3 949.

Gross Borrowings

• 2023: 4 054
• 2024: 4 201
• 2025: 3 567
• 2026bc: 3 500
• 2027bc: 5 000
• 2028bc: 4 300.

Balance After Borrowings

• 2023: 104
• 2024: –125
• 2025: 212
• 2026bc: –5
• 2027bc: 16
• 2028bc: –6.

Direct Debt (Outstanding at Year-End)

• 2023: 11 293
• 2024: 12 085
• 2025: 12 402
• 2026bc: 12 802
• 2027bc: 13 518
• 2028bc: 13 870.

Direct Debt (% of Operating Revenue)

• 2023: 129,2 %
• 2024: 134,4 %
• 2025: 133,9 %
• 2026bc: 133,6 %
• 2027bc: 136,6 %
• 2028bc: 135,7 %

Tax‑Supported Debt (Outstanding at Year‑End)

• 2023: 11 326
• 2024: 12 085
• 2025: 12 402
• 2026bc: 12 835
• 2027bc: 13 551
• 2028bc: 13 903.

Tax‑Supported Debt (% of Consolidated Operating Revenue)

• 2023: 102.0 %
• 2024: 104.5 %
• 2025: 105.6 %
• 2026bc: 105.5 %
• 2027bc: 107.8 %
• 2028bc: 107.1 %

Interest (% of Operating Revenue)

• 2023: 2.3 %
• 2024: 3.0 %
• 2025: 3.0 %
• 2026bc: 3.1 %
• 2027bc: 3.2 %
• 2028bc: 3.1 %

National GDP per Capita ($)

• 2023: 55 029.0
• 2024: 57 214.9
• 2025: 57 761.9
• 2026bc: 63 282.5
• 2027bc: 67 838.9
• 2028bc: 70 743.4.

The data and ratios above result in part from S&P Global Ratings' own calculations, drawing on national as well as international sources, reflecting S&P Global Ratings' independent view on the timeliness, coverage, accuracy, credibility, and usability of available information. The main sources are the financial statements and budgets, as provided by the issuer. bc--Base case reflects S&P Global Ratings' expectations of the most likely scenario. SEK--Swedish krona. $--U.S. dollar.

Municipality of Sundsvall – Rating Component Scores

Key rating factors and scores:

• Institutional framework: 1
• Economy: 1
• Financial management: 2
• Budgetary performance: 3
• Liquidity: 1
• Debt burden: 4
• Stand‑alone credit profile: aa+
• Issuer credit rating: AA+.

S&P Global Ratings bases its ratings on non‑U.S. local and regional governments (LRGs) on the six main rating factors in this table. In the "Methodology For Rating Local And Regional Governments Outside Of The U.S.," published on July 15, 2019, we explain the steps we follow to derive the global scale foreign currency rating on each LRG. The institutional framework is assessed on a six‑point scale: 1 is the strongest and 6 the weakest score. Our assessments of economy, financial management, budgetary performance, liquidity, and debt burden are on a five‑point scale, with 1 being the strongest score and 5 the weakest.

Key Sovereign Statistics

Sovereign Risk Indicators, Log in; capitaliq.spglobal.com, Dec. 11, 2025. An interactive version is available at https://www.spglobal.com/ratings/sri.

Related Criteria

General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Log in; capitaliq.spglobal.com, Oct. 10, 2021.

Criteria | Governments | International Public Finance: Methodology For Rating Local And Regional Governments Outside Of The U.S. Log in; capitaliq.spglobal.com, July 15, 2019.

General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017.

General Criteria: Principles Of Credit Ratings, Feb. 16, 2011.

Related Research

Subnational Government Outlook 2026: The Nordics Face Credit Tests With Rising Investment, Jan. 19, 2026.

Institutional Framework Assessment: Swedish Municipalities And Regions Are Shifting Capex To Replace Aging Infrastructure, Dec. 11, 2025.

Sweden, Dec. 8, 2025.

Water Woes: Swedish Municipalities Face Rising Infrastructure Challenges, Nov. 14, 2025.

Institutional Framework Assessments For Local And Regional Governments Outside Of The U.S., July 31, 2024.

In accordance with our relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable (see "Related Criteria"). At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at trackrecord and forecasts.

The committee's assessment of the key rating factors is reflected in the Rating Component Scores above.

The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action (see "Related Criteria").

Ratings List

Ratings List

Ratings Affirmed

Sundsvall (Municipality of)

• • Issuer Credit Rating: AA+/Negative/A‑1+
  • Nordic Regional Scale: --/--/K‑1
  • Senior Unsecured: AA+
  • Commercial Paper: K‑1

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at https://disclosure.spglobal.com/ratings/en/regulatory/ratings-criteria for further information. A description of each of S&P Global Ratings' rating categories is contained in "S&P Global Ratings Definitions" at https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/sourceId/504352. Complete ratings information is available to RatingsDirect subscribers at www.capitaliq.com. All ratings referenced herein can be found on S&P Global Ratings' public website at www.spglobal.com/ratings.

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