The outlook is used to signify the ability of the issuer to respond to the changes in its financial standing, impending and potential changes in the industry, economic trends or political developments that may substantially affect the issuer’s creditworthiness.

STABLE                                 Stable outlook assessment reflects firm expectations that the industry, economic and political conditions affecting the issuer will continue to prevail.

AFFIRMATIVE                    Affirmative outlook assessment reflects positive indications which may improve the issuer’s capacity to repay debt obligations.

NEGATIVE                           Negative outlook assessment reflects disturbing indications which could lead to the issuer’s weakened position to repay debt obligations.