Fitch Ratings have braced its top triple-A rating with Stable Outlook given to Austria. It cited the country's track record of achieving low budget and the lowest unemployment rate in the European Union as the reason behind its top triple-A rating given to Austria.

The credit rater said that the country has a stable outlook and that is why it supports its long-term foreign and local currency issuer default ratings on the country. According to Fitch, Austria's economy is doing really well. It is much better than its euro-zone peers and it is highly likely that the economy of Austria will accelerate at an increased pace next year.

Fitch said a diversified open economy with high gross domestic product per capita has led to the ratings being awarded to Austria.

However, it said that shortfalls in fiscal consolidation and stress on banks' balance sheets are among factors that could lead to a ratings downgrade in future.

As per the view of Fitch, the risk of additional material costs to public finances as a result of supporting domestic market is low. It was found by the end of 2012 that public debt of 2.8% of GDP supported the financial sector.