OVERVIEW Despite lower economic growth over the next two years, we anticipate that Austria will stabilize its debt burden. We expect Austria to continue to benefit from its sound position as a net creditor in international investments. We are therefore affirming our 'AA+/A-1+' ratings on Austria. The stable outlook is based on our expectation that the tax reform that has been agreed but not passed will not lead to significant revenue losses from 2016 onward. RATING ACTION On March 27, 2015, 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 reflect our assessment of Austria?s very wealthy, competitive, and
