outlook

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The Stable Outlook is assigned because, with the significant buildup of parity for the senior notes, the ratings are expected to remain stable for the next two years.
The segment outlooks summarized above are based on a top-down analysis of economic forces.
In the Household Products and Personal Care segment, a medium term trend of declining margins led to Negative Outlooks for several names.
The impact of any re-surfacing of HPAI in 2007 will be monitored closely for its impact on poultry processors, and ratings outlook changes or downgrades are possible depending on the severity and length of the outbreak.
Risks to the outlook include supply chain constraints and event risk (terrorism, disease, etc.
As in the previous reports, the emerging markets continue to show a greater level of rating volatility, with the overall level of stable outlooks falling back to 75% in Q3 06, having trended upwards since Q4 05.
Foreign currency IDR upgraded to 'BBB-' Rating Outlook Stable, from 'BB+' Rating Outlook Stable.
Additionally, three states (Louisiana, Michigan and Illinois) were assigned Negative Rating Outlooks and only one state (California) was assigned a Positive Rating Outlook in conjunction with Fitch's first-time formal assignments of rating outlooks for state general obligation credits in April.
The report contains additional explanations of the Rating Outlooks and a credit summary for each state.
Looking to 2005, it is expected that the majority of rating actions will consist of affirming existing ratings and maintaining Stable Outlooks.
The Negative Rating Outlook of PHI reflects the uncertain prospects for reducing parent debt over the next couple of years.
Thus, while the diversified energy segment carries mostly Stable Outlooks, the median rating has fallen to the 'B-' category during 2003, implying a one-in-three likelihood of default over five years.