On May 21, 2003, Standard&Poor's Ratings Services assigned its 'AAA' senior unsecured debt rating to the upcoming 10-year Eurobond issue of the Republic of Austria. At the same time, the 'AAA/A-1+' ratings on Austria were affirmed. The outlook is stable. Austria has succeeded in becoming a European leader in terms of fiscal consolidation. Although the debt burden remains high, at 67.1% of GDP in 2003, the turnaround since 1998, when Austria had the highest general government deficit among EU sovereigns, has been remarkable. After achieving a balanced budget in 2001, the budget will remain in slight deficit over the medium term, as the government intends to strike a balance between consolidating public finances further and reducing the high
