On April 27, 2006, Standard&Poor's Ratings Services affirmed its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on the Republic of Austria. The affirmation reflects Austria's ongoing progress in fiscal consolidation and the successful conclusion of most of the government's extensive reform agenda. The full analysis on Austria will be published today on RatingsDirect. Austria's economy is characterized by high living standards, based on strong productivity and the innovative capacity of the corporate sector. Markets are flexible and react swiftly to economic shocks. As a result, unemployment, although rising due to growing labor supply, is significantly lower than levels observed across most of Europe, and economic performance has been one of the least volatile among rated sovereigns. Austria's
