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Finance

City of Västerås treasury

The city’s treasury is the group’s joint finance function which works out of a municipal group point of view. All external debt financing, investment and similar financial business is handled by the treasury, in the City of Västerås name. The purpose of the treasury is to minimize the funding costs, taking into account the guidelines and limits that are specified within the finance policy, as well as to secure the city’s financing long term.

Credit Rating

A credit rating is an assessment of the city’s ability to pay its funding costs and its financial risk. The rating is set by an official rating company. To have a stable, high rating is an important factor for the City of Västerås ability to access cost efficient funding as well as other types of funding solutions. In September 2015 the city´s rating was upgraded to AAA, outlook stable, by the rating firm Standard & Poor´s. The rating was raised because of the city´s strong track record of very sound liquidity and an improving debt profile..

  • Swedish Commercial Paper Program: K1 Extremely strong capacity to meet financial commitments, highest credit rating.
  • Euro-Commercial Paper Program: A-1+ Extremely strong capacity to meet financial commitments, highest credit rating.
  • Long term rating: AAA Extremely strong capacity to meet financial commitments, highest credit rating. Outlook stable.

Funding programs:

The City of Västerås funding primarily comes from commercial papers (maturities less than a year) and from bonds (maturities longer than a year). The City of Västerås funding base is spread over both Swedish and international markets to secure an as high diversification as possible.

The City of Västerås funding programs are:

  • Commercial Paper Program (CP), a short term program with maturities shorter than a year, and with a frame of four billion SEK. Swedbank is the arranger for this program, and Swedbank, SEB, Danske Bank and Nordea are the dealers.
  • Euro-Commercial Paper Program (ECP), a short term program with maturities shorter than a year, and with a frame of six hundred million USD. The most common currencies that the city issues papers in are USD, EUR and GBP. SEB is the arranger, and SEB, Swedbank and UBS are dealers.
  • Medium Term Note-program (MTN), a long term funding program with maturities stretching from one year up to thirty and a frame of five billion SEK. Handelsbanken is the arranger of the program and Danske Bank, Handelsbanken, SEB, Nordea and Swedbank are the dealers.
  • Green bonds.
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Publicerad 3/17/2015 2:24 PM

Senast ändrad 11/24/2016 8:31 AM