By Stephen Nacrosis
VIENNA (Dow Jones) — The rating agency Fitch is becoming more pessimistic regarding Austria’s credit rating. As the agency announced, it lowered the outlook for the rating to negative from stable. The credit rating was confirmed with AA+.
Fitch pointed to the risks to the country’s economic prospects and public finances given Austria’s dependence on Russian gas. The country only has “limited alternatives of its own” to the gas. In addition, the industry is heavily dependent on gas.
After growth this year, Fitch forecasts the economy to shrink by 0.2 percent next year.
Fitch also confirmed the credit ratings for Greece (BB) and Romania (BBB-) on Friday evening.
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DJG/DJN/mgo
(END) Dow Jones Newswires
October 08, 2022 05:57 PM ET (09:57 GMT)
