By Stephen NakrosisFitch Ratings on Friday said it revised the outlook on Austria's long-term foreign-currency issuer default rating to negative from stable, while affirming its AA+ rating. The revision reflects energy risks to Austria's macroeconomic outlook and public finances, given the country's reliance on Russian gas, Fitch said. Fitch said it now expects Austria's economy to grow by 4.5% this year, from 3.3% previously. "We predict a recession in the manufacturing sector amid exceptionally high energy prices, faster monetary policy tightening and negative spillovers from Austria's key trading partners," Fitch said. Write to Stephen Nakrosis at stephen.nakrosis@wsj.com(END) Dow Jones NewswiresOctober 07, 2022 17:51 ET (21:51 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.

Source: Wall Street Journal October 08, 2022 10:01 UTC