FRANKFURT (Standard&Poor's) April 27, 2006--Standard&Poor's Ratings Services said today it affirmed its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on the Republic of Austria. "The affirmation reflects Austria's ongoing progress in fiscal consolidation and the successful conclusion of most of the government's extensive reform agenda," said Standard&Poor's credit analyst Kai Stukenbrock. The full analysis on Austria will be published today on RatingsDirect. Since the turn of the decade, Austria has embarked on a seemingly irreversible path of responsible macroeconomic policies and modernizing microeconomic reforms. The government has concluded most of its sizable reform agenda while safeguarding the budget. The 2004/2005 major overhaul of the pension system demonstrated the government's willingness to tackle even
