OVERVIEW We expect Austria to continue to focus on further consolidating its budget and containing debt increases. Austria's economy kept growing in 2012 and 2013, showing resilience to the negative economic environment in the EU. We are affirming our 'AA+/A-1+' long- and short-term ratings on Austria. The stable outlook factors in our expectations that Austria's economy will continue to resist the negative impact of the European sovereign debt crisis, the new government will adhere to a strict consolidation path and reforms, and Austrian banks will improve their moderate capital levels. RATING ACTION On Oct. 25, 2013, Standard&Poor's Ratings Services affirmed its 'AA+/A-1+' long- and short-term foreign and local currency sovereign credit ratings on the Republic of Austria. The
