(Reuters) – Credit rating agency S&P Global Ratings has upgraded Austria’s outlook to positive from stable, citing the country’s improving energy supply position and solid budgetary position.

“The positive outlook reflects the potential for Austria’s energy security position to improve further, while the economy remains robust over the next 24 months,” S&P said in a statement Friday evening, affirming the country’s AA+/A-1+ long- and short-term foreign and local currency ratings.

The positive outlook also reflects the possibility of clear and visible fiscal consolidation, with budget deficits declining, added the agency, which gave its view as the Austrian government prepares for general elections on September 29.

S&P said it sees Austria’s economy as “broadly resilient” even as a long-term take-or-pay contract between Austria’s largest energy supplier OMV and Russian gas company Gazprom (MCX:) expires at the end of this year, when the gas transit contract between Russia and Ukraine expires.

The report found that Austria is still relatively exposed to Russian gas, with 83% of total gas imports in June. However, the country has made significant progress in diversifying its energy supply.

Austria thus appears well equipped to absorb potential short-term disruptions resulting from the expiration of the transit contract between Ukraine’s Naftogaz and Gazprom, S&P said.

The ratings agency expects Austria to have a government deficit of 3.0% of gross domestic product (GDP) this year, which is expected to decline to 2.5% in 2027.

S&P said the fiscal plans pursued by a new government after the elections could differ from current forecasts and may require a stricter consolidation path to comply with the European Union’s fiscal framework.