Fitch long-term Issuer outlook

The Issuer Rating Outlook indicates the potential direction of a change in the issuer’s long-term rating over the medium term, typically up to two years.

Outlook Types

• Positive — A rating upgrade is possible
• Negative — A rating downgrade is possible
• Evolving — The rating direction is uncertain
• Stable — No rating change is anticipated
• Off — No Rating Outlook is assigned

No Rating Outlook is assigned to entities on Rating Watch. Once the Rating Watch status is resolved, a Rating Outlook may be reassigned.

Rating Watch

The Rating Watch indicates that a rating is under active review due to a specific event or developing situation that may result in a rating change in the short term.

A Rating Watch typically reflects heightened uncertainty related to events such as:

• mergers and acquisitions
• regulatory actions
• significant financial deterioration or improvement
• restructuring or refinancing events
• litigation or geopolitical developments