A rating outlook is an opinion regarding the likely direction of a rating over a certain time period, usually the medium term. Where assigned, rating outlooks fall into one of several categories such as positive, negative, stable or developing. In the few instances where an issuer has multiple outlooks of differing directions, a modifier (indicating multiple, differing outlooks) might be displayed, and the rating agency’s written research should describe any differences and provide the rationale for these differences. “Rating under review” receives a special designation indicating that the issuer has one or more ratings under review for possible change, and thus overrides the outlook designation. When an outlook has not been assigned to an eligible entity, “no outlook” may be displayed.