Standard&Poor's Ratings Services has affirmed its 'AAA/A-1+' sovereign credit ratings on the Republic of Austria. The outlook is stable. The affirmation of the ratings reflects continued progress in reducing general government deficits and driving down Austria's comparatively high government debt burden. The ratings on Austria further reflect its wealthy, modern, and competitive economy, underpinned by flexible labor and goods markets and moderate wage policies that support growth, competitiveness, and employment. 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 is significantly lower than levels observed across most of Europe, and economic performance has been
