Scope Ratings GmbH (Scope) monitors and reviews its credit ratings on an ongoing basis and at least annually, or every six months in the cases of sovereigns, sub-sovereigns and supranational organisations that may act as a lender of last resort.

Scope performs monitoring reviews to determine whether material changes and/or changes in macro-economic or financial-market conditions could have an impact on the credit ratings. Scope considers all available and relevant information when undertaking the monitoring review.

Monitoring reviews are conducted by performing a peer comparison, benchmarking against the rating-change drivers, and/or reviewing the credit rating’s performance over time, as deemed appropriate by the Lead Analyst or Analytical Team Head, in addition to an assessment of all aspects of the relevant methodology/ies, including key rating assumptions and model(s). Scope announces the result of each monitoring review on its website and/or on its subscription platform ScopeOne.

Scope completed the monitoring review for Rogaland County Municipality (long-term issuer and senior unsecured debt ratings in local and foreign currency: AAA/Stable; short-term ratings in local and foreign currency: S-1+/Stable) on 21 July 2025.

This monitoring note does not constitute a credit-rating action, nor does it indicate the likelihood that Scope will conduct a credit-rating action in the short term. Information about the latest credit-rating action connected with this monitoring note along with the associated ratings history can be found on scoperatings.com.

Key rating factors

The County of Rogaland’s AAA ratings are underpinned by a well-integrated institutional framework for Norwegian counties. The institutional framework ensures financial stability and underpins operational resilience through fiscal equalisation, central grants, and proactive government support, balancing autonomy with oversight to maintain fiscal discipline and address disparities. Scope's evaluation of the institutional arrangements establishes an indicative rating range for Norwegian counties spanning from AAA to AA.

Rogaland’s ratings are further driven by a strong individual credit profile underpinned by i) conservative debt management and maintenance of a comparatively moderate debt burden despite high investment needs; ii) a strong liquidity position and ample reserves, providing a strong financial buffer; iii) robust budgetary performance benefitting from a stable and predictable revenue structure and a focus on cost control; and iv) well-controlled exposure to low-risk contingent liabilities.

Challenges relate to limited expenditure flexibility and rising investment needs. Counties face structurally higher operating expenditures in the post-pandemic environment, while investment needs, such as in education and transport, continue to grow. In Rogaland, capital spending accounted for 20% of total expenditure in 2024 and Scope expects it to rise to around 30% in 2025–2026. Rogaland has proactively launched the ‘More for Less’ restructuring initiative targeting optimisation in resource allocation while ensuring that vital services remain effective and accessible.

The Stable Outlook represents Scope’s view that risks to the ratings are balanced over the coming 12 to 18 months.

The ratings could be downgraded if: i) the Kingdom of Norway’s ratings/outlooks were downgraded; ii) reforms to the institutional framework materially weakened regions’ integration in institutional arrangements; and/or Rogaland’s individual credit profile weakened significantly.

The methodology applicable for the reviewed ratings and/or rating Outlooks (Sub-Sovereigns Ratings methodology, 11 October 2024) is available on scoperatings.com/governance-and-policies/rating-governance/methodologies.
This monitoring note is issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0.
Lead analyst: Elena Klare, Analyst

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