OVERVIEW We expect Austria's real economic growth will pick up moderately in 2016 to 2019 after nearly four years of sluggish growth. We do not expect the upcoming decisions on bank workout unit Heta Asset Resolution AG to influence sovereign creditworthiness. We are therefore affirming our 'AA+/A-1+' ratings on Austria. The stable outlook reflects our expectation that Austria's economic, fiscal, and external credit metrics will remain close to current levels over our 2016-2019 forecast period. RATING ACTION On March 18, 2016, 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 ratings on Austria benefit from its very sound economic base,
