Summary: Goteborg (City of) Aug 09

Standard & Poors, August 2009

Abstract
The ratings on the City of Göteborg, the second-largest city in the Kingdom of Sweden (AAA/Stable/A-1+), reflect the strong system support and institutional stability enjoyed by Swedish local and regional governments. In addition, the city's sound financial performance, in Standard & Poor's Ratings Services' view, moderate debt (of which a substantial part is onlent to self-supporting municipal companies with substantial surplus values), strong liquidity, and dynamic local economy support the ratings. These strengths are partly offset by the city's unfunded pension liabilities, which are in line with rated Swedish peers, and a macroeconomic structure exposed to an ailing automotive industry. A far-reaching equalization system and good compliance with a balanced-budget requirement have made Sweden's local and regional government system one...

Companies mentioned in this report are:
- Goteborg (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.

- Goteborg (City of)
- Sweden (Kingdom of)

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