Ratings

Comparison of rating categories

Fitch, Moody's and S&P further refine their rating categories either by placing a number from 1 to 3 (Moody's) or plus or minus signs (Fitch / S&P) after the letters.

The outlook (positive/stable/
negative) attached to the rating indicates the potential short- to medium-term direction of the rating. An outlook is not necessarily a precursor of a change in the rating.

A creditwatch or under review statement (positive/developing/
negative) highlights the potential direction of the rating and is used after identifiable events that cause ratings to be placed under special surveillance, e.g. a natural catastrophe with significanct impact, a major merger and acquisition or restructuring where there is temporary uncertainty as to the final outcome.