Sovereign ratings and official reference reports

What an outlook means in a sovereign rating

An outlook is the rating agency's view of the likely direction of the sovereign rating over the medium term — typically twelve to twenty-four months. It is not a forecast of an imminent rating change; it is a qualitative signal that complements the rating itself and supports investor due diligence.

• Positive

  Suggests an upward bias on the rating over the outlook horizon.

• Stable

  Suggests no expected change in the rating over the outlook horizon.

• Negative

  Suggests a downward bias on the rating over the outlook horizon.