We are affirming the 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on the Republic of Austria. The outlook is stable. The affirmation is based on the resilience of Austria's competitive economy and our expectation of a clearly defined fiscal consolidation strategy to emerge in early 2010. The stable outlook reflects our expectation that the government will react more decisively from 2010 with a view to reverse the structural deterioration in public finances once the economic recovery has become more robust. On Dec. 7, 2009, Standard&Poor's Ratings Services affirmed its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on the Republic of Austria. The outlook is stable. The affirmation is based on the resilience of Austria's competitive economy
