Scope Downgrades Austria from AAA to AA+ amid Pandemic and Energy Crisis Impacting Fiscal Performance

The European rating agency Scope has announced that it has downgraded Austria from its top credit grade of “AAA” to “AA+”. This downgrade is due to the country’s fiscal indicators diverging from those of other highly rated countries due to the effects of the Coronavirus pandemic and the energy crisis. Despite recent structural policy changes and an aging population, Austria’s fiscal performance remains under pressure, which is expected to keep its structural budget deficit high and prevent a significant reduction in the debt ratio in the near future.

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