LONDON (Standard&Poor's) April 15, 2004--Standard&Poor's Ratings Services said today it affirmed its 'AAA/A-1+' sovereign credit ratings on the Republic of Austria. The affirmation reflects Standard&Poor's expectation that Austria will continue on its path of fiscal reform while keeping general government deficits at bay. The outlook is stable. "Austria continues to follow the path of responsible macroeconomic policies, modernizing microeconomic reforms, and fiscal consolidation, embarked upon at the turn of the decade," said Standard&Poor's credit analyst Kai Stukenbrock. "The government continues to address the still sizable reform agenda--including simplification of the convoluted tax system, reduction of the heavy tax burden, and reform of the health care system--while safeguarding the budget," he added. The
