Austria Downgrade Ends Era in Club of Europe's Safest Borrowers

Die Presse

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Due to persistently high budget deficits, Austria has lost its last best score at a large credit rating agency, ending a series of decades as one of Europe's best-rated issuers.

fpoe.at

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The downgrade of Austria's credit rating by the rating agency Morningstar DBRS from the top rating of AAA to AA (high) drew sharp criticism from the FPÖ today. FPÖ monetary affairs spokesman MP Alexander Petschnig stated that this step represents the final blow in a long series of downgrades that have burdened the country for years. "The loss of the last triple-A rating is the ultimate declaration of financial failure by this losing red-black-pi…

vienna.at

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Morningstar has become the last major rating agency to withdraw Austria's top rating – AAA. Morningstar justified the decision by citing persistently high budget deficits, reported the daily newspaper "Die Presse" (Sunday edition). As a result, Morningstar DBRS downgraded its rating from "AAA" to "AA." The country's debt ratios have deteriorated. The outlook is "stable," added Morningstar.