Moody’s affirms Austria

Moody's Investors Service said it affirmed Austria's Aa1 long-term issuer rating and senior unsecured and senior unsecured medium-term note program ratings at Aa1 and provisional Aa1, respectively.

Austria's commercial paper program rating and other short-term ratings were affirmed at Prime-1 and provisional Prime-1, respectively.

The outlook remains stable.

Moody’s said the affirmation is based on the following key rating drivers: (a) Austria's very high economic strength, supported by a wealthy and highly competitive economy, although its trend growth is lower than the respective median of Aaa-rated sovereigns; (b) Austria's high fiscal strength, underpinned by favorable debt affordability metrics, despite a still-elevated level of general government debt relative to GDP; and (c) Austria's very high institutional strength, supported by significant policy credibility and very high policy effectiveness.

The country’s long-term and short-term foreign-currency bond and deposit ceilings are unchanged at Aaa and P-1, respectively. Austria's long-term local-currency bond and deposit ceilings are also unchanged at Aaa.

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