Fitch revises Austria outlook to stable

Fitch Ratings said it revised the outlook on Austria to stable from negative and affirmed its

long-term foreign-currency issuer default rating at AA+.

Even though Austria gets about 60% of its monthly gas imports from Russia, the agency said it now sees a complete Russian cutoff to be manageable.

“Austria's gas storage facilities are currently 92% full and include a government-controlled strategic gas reserve. Austria is also very well-integrated into E.U. gas pipeline networks and E.U. gas supply pressures have eased significantly since last year due to ample LNG supplies and very high gas storage levels, which would make it much easier for Austria to purchase gas on spot markets in case Russian gas is cut off,” Fitch said in a press release.

Additionally, the agency said it estimates that Austria’s fiscal deficits will narrow to 3% of GDP in 2023 and to 1.5% in 2024 from 3.2% in 2022.

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