Fitch downgrades Austria from 'AA+'; outlook stable

FXStreet (Córdoba) - Fitch Ratings decided to downgrade Austria’s Ratings to 'AA+' from 'AAA' and maintains a stable outlook.

Fitch cited as key drivers for the downgrade the general government debt, which will reach a higher peak than previously thought and remain elevated for longer; the slow and weak recover, which according to Fitch has increased uncertainty about medium-term growth prospects; and increasing pressures over the financial sector.

Despite the downgrade, Austria's very high credit quality is reflected in its 'AA+' rating with a Stable Outlook, said Fitch.