The outlook has been lowered from stable to negative, but the AA+ credit rating is reiterated.
"The negative outlook reflects the risk that the ongoing investigation could undermine confidence in Sundsvall's management, which in turn could affect the municipality's ability to handle future challenges," states the report, which the newspaper has seen.
At the end of January, the Swedish Economic Crime Agency raided Sundsvall's municipal building. The suspicions, initially directed at six people, concerned serious fraud and serious accounting fraud linked to two municipal companies.
