Moody’s downgrades Austria to Aa1

Moody's Investors Service said it downgraded Austria's long-term issuer and senior unsecured debt ratings to Aa1 from Aaa and affirmed the short-term rating of P-1.

The outlook was changed to stable from negative.

Moody’s said the key drivers for the downgrade are: (a) The weakness in Austria's medium-term growth prospects, despite the government's efforts to address the economy's structural constraints; and (b) the challenges that low economic growth poses for a material, sustained reduction in Austria's high government debt burden over the medium-term.

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