"Moodyz" It reduces the future view of Austria to "Negative" Because of the increasing financial pressure
Vienna on August 25 / WAM / Moody’s credit rating agency has reduced its future outlook from Austria from “stable” to “negative”, while maintaining the country’s credit rating at the “AA1” level, while Standard & Poor’s confirmed the classification of “AA+” with a stable future outlook.
Moody’s attributed the decision to reduce its future expectations for Austria, to the continuation and exacerbation of the decline in the country’s financial strength, which reflects the weakness of the fiscal policy, compared to what was expected in the last report, and also indicated the weak growth of GDP and public debt. On the other hand, the agency referred to Austria’s competitive and prosperous economy, and the sustainability of its good debts, in order to justify its retaining the “AA1” classification.
Marcus Martarbauer, Minister of Finance of Austria, commented on Moody’s decision, saying, “The agency’s step is not surprising,” and explained that the size of the budget problems was not known last February, when the last classification was issued to the agency.
The minister pointed to the government’s adoption of austerity measures and packets to control the budget, and pledged the government’s work to restore Austria to the right path financially, and said, “We will apply the control plan strictly,” and expressed his confidence in achieving balance in the budget and improving credit ratings again.
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