Moody's keeps Austria's triple A rating

AP News
Posted: Dec 23, 2011 4:09 AM
Moody's keeps Austria's triple A rating

Moody's says it is keeping Austria's triple-A status due to the nation's robust economy and plans to cap budget deficits.

A statement on the rating agency's web site notes Austria's "very high economic strength ... skilled labour force and a competitive export sector ... have helped Austria to grow faster than the European average in recent years."

The statement, issued Friday, says the agency "views positively the recent announcement by the government to introduce a balanced budget requirement into the constitution as well as attempts to limit the sovereign's exposure to the banking system's foreign operations."

Moody's says Austria's outlook remains stable but warns that could depend on the length and severity of the eurozone financial crisis, which could spill over into triple-A countries.