Fitch Ratings on Tuesday affirmed Austria's long-term foreign and local currency Issuer Default Ratings at 'AAA', citing the country's developed and flexible economy, strong domestic institutions and a long track record of stability-oriented economic policy.
The agency also assigned 'Stable' outlook on both the ratings, and affirmed Austria's Country Ceiling at 'AAA' and its Short-term foreign currency Issuer Default Ratings at 'F1+'.
Fitch said Austria's strong economic fundamentals helped it recover from the 2008-09 recession in a speedy manner, reduce unemployment and attain a relatively favorable fiscal position within the euro area.
According to Fitch, a decrease in the risk-weighted exposure to Emerging Europe, a normalization of Eurozone financial and economic conditions and the full implementation of the proposed fiscal consolidation program would further underpin Austria's 'AAA' sovereign rating.
Given the weak and uncertain economic outlook, only the strict implementation of the consolidation measures can ensure a fall in the debt-GDP ratio from 2013-2014 onwards, it added.
by RTT Staff Writer
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