OVERVIEW We expect Austria to continue to focus on consolidating its budget and containing debt increases. Austria's GDP growth will pick up in 2014 and 2015, in our view, after sluggish advances in 2012 and 2013. 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 benefit from the improving international economic environment, the new government will adhere to a strict consolidation path, and Austrian banks will focus on their moderate capital levels. RATING ACTION On March 28, 2014, 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 outlook is stable. RATIONALE The
