We expect Austria's GDP to contract significantly in 2020 due to COVID-19, and to recover in 2021 before returning to its long-term growth trend. Revenue losses and measures to fight the pandemic will lead to a material one-off fiscal deficit in 2020, but we expect debt to GDP to start declining again from 2021. We are therefore affirming our 'AA+/A-1+' ratings on Austria. The outlook remains stable. On Sept. 11, 2020, S&P Global Ratings affirmed its 'AA+/A-1+' long- and short-term foreign and local currency sovereign credit ratings on Austria. The outlook remains stable. At the same time, we affirmed our 'AA+' long-term and 'A-1+' short-term issue ratings on Austria's senior unsecured debt. The stable outlook reflects our assumption of a
