If a credit rating agency anticipates that a credit rating of an issuer may change in the coming 6 to 24 months, it may issue an updated rating outlook indicating whether the possible change is likely to be positive, negative, stable, or developing (which indicates the uncertainty on whether the rating might head upwards or downgraded). An updated outlook from the agency would include the rationale for the potential change and the extent of the change that may occur. However, updating a rating outlook does not indicate that a rating change is inevitable.

REQUIRED:

Analyse the circumstances that may potentially warrant a credit rating change that would reflect the current opinion of the credit rating agencies towards the relative credit risk of the issuer.