We believe that Austria's prosperous economy is well positioned to weather upcoming challenges stemming from softer external demand. Although its GDP growth is set to moderate, debt to GDP should continue to reduce, supported by balanced general government accounts and the wind-down of failed banks. We are therefore affirming our 'AA+/A-1+' ratings on Austria. The outlook is stable. On March 15, 2019, S&P Global Ratings affirmed its 'AA+/A-1+' long- and short-term foreign and local currency sovereign credit ratings on Austria. The outlook is stable. At the same time, we affirmed our 'AA+' long-term and 'A-1+' short-term issue ratings on Austria's senior unsecured debt. We also affirmed our 'AA+' long-term local currency issue rating on the sovereign-guaranteed bond (XS0863484035) of subordinated
