Summary: Stockholm (City of) Aug 09

Standard & Poors, August 2009

Abstract
The ratings on the City of Stockholm in the Kingdom of Sweden (AAA/Stable/A-1+) reflect the strong system support and institutional stability enjoyed by Swedish local and regional governments (LRGs) and the city's moderate direct debt, all of which is onlent to self-supporting municipal companies. The city's comparably low tax rates and dynamic and well-diversified local economy also support the ratings. These strengths are partly offset by Stockholm's unfunded pension liabilities, which stand at 37% of operating revenues, but are in line with Swedish peers'. A far-reaching equalization system and good compliance with the sector's balanced-budget requirement have made Sweden's LRG system one of the world's strongest. The state's long record of support and commitment to stability compensate for a lack...

Companies mentioned in this report are:
- Stockholm (City of)
- Sweden (Kingdom of)

Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Stockholm (City of)
- Sweden (Kingdom of)

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