A Standard & Poor's Rating Outlook assesses the potential direction of a long-term credit rating over the intermediate to long term period. In determining a Rating Outlook, consideration is given to any changes in the economic and/or fundamental business conditions. An Outlook is not necessarily a precursor of a rating change or future CreditWatch action.

=> Positive means that a rating may be raised.
=> Negative means that a rating may be lowered.
=> Stable means that a rating is not likely to change.
=> Developing means a rating may be raised or lowered.
=> N.M. means not meaningful.