On Jan. 13, 2009, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' long- and short-term sovereign issuer credit ratings on the Republic of Austria. The outlook is stable. The ratings continue to reflect Standard&Poor's opinion on the country's wealthy, modern, and competitive economy, flexible labor and goods markets, and moderate wage policies that support growth, competitiveness, and employment. Standard&Poor's believes these factors, as well as the absence of significant asset or credit bubbles, should help Austria to weather the current economic crisis comparatively well. The exceptionally large general government sector and the already high level of general government debt are rating weaknesses. In 2008, Austria's economic growth cooled, with GDP forecast to have grown 1.8%, compared
