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2023/09/26 / Erste Group Research

The Federal State of Lower Austria

With an area of 19,180 km2, Lower Austria is the largest federal state in Austria geographically, and with a population of around 1.7mn, the second largest after the federal capital Vienna. The regional economic output represents about 16% of national GDP.

Lower Austria has a budget volume of around EUR 10bn, assets of roughly EUR 14.6bn and household debt of EUR 6.3bn, or ESA debt of EUR 9.1bn as of the end of 2022. The budgetary situation has brightened recently, despite continued high momentum in expenditures.

Lower Austria is the most active federal state issuer with an outstanding volume of currently about EUR 2.7bn. With access to federal funds and an investment portfolio of around EUR 2.5bn as well as a large number of equity investments, the state has an excellent liquidity and asset position.

Lower Austria shows a very balanced ESG profile with only low ESG risks. While Moody's assigns Lower Austria an "Aa1" credit rating on par with the Republic, S&P is slightly more cautious with an "AA" rating. The outlook was confirmed as stable in each case.

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General information

AuthorErste Group Research
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria
Currency in focusEuro
Sector in focus-


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