We expect that Austria's debt metrics will remain broadly unchanged in the next two years and that the government will keep on targeting structurally balanced accounts, even though the tax reform will set back its fiscal consolidation path. We are therefore affirming our 'AA+/A-1+' ratings on Austria. The stable outlook reflects our expectation that a pickup in economic growth from 2016 should help to improve public accounts, limiting tax shortfalls from the tax reform. On Sept. 25, 2015, Standard&Poor's Ratings Services affirmed its 'AA+/A-1+' long- and short-term foreign and local currency sovereign credit ratings on the Republic of Austria. The outlook is stable. The ratings on Austria benefit from the country's strong external position and one of the
