Growing divergence of the fiscal trajectory from highly-rated peers and a constrained medium-term macro-economic outlook drive the downgrade. A wealthy, diversified economy, strong debt affordability and sound external position are credit strengths.

Continuing dependence on Russian energy imports and persistent divergence of the fiscal trajectory from highly-rated peers drives Outlook revision. A wealthy, diversified economy, favorable debt profile and sound external position are credit strengths.

Austria’s robust economy, favourable debt profile, low private and external indebtedness and sound banking system support the rating. A high public debt stock and rising long-term spending pressures are challenges.