Report Card: Strong Fundamentals And Institutional Reforms Bolster Performance Of Swedish LRGs Feb 08

Standard & Poors, February 2008

Abstract
Swedish local and regional governments (LRGs) maintained sound financial performance in 2007, on the back of positive employment trends, and a favorable macroeconomic climate. As a result, Standard & Poor's Ratings Services believes these entities will continue to deliver operating surpluses similar to those achieved in 2006--a healthy 6.0% of operating revenues on average, up from 5.5% in 2005. Furthermore, the stable operating environment, which last year triggered a mid-year revision of rated Swedish LRGs' outlooks to positive and, subsequently, a number of upgrades, looks set to continue in 2008. Consequently, we expect further upgrades to those LRGs currently assigned a positive outlook. Over the medium term, the creditworthiness of this sector should remain stable, with limited rating actions. Standard...

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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Sweden (Kingdom of)

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