...Expansion of Stable Outlooks: Corporates with Stable Outlooks increased to 87% at end- 2014 from 85% at end-2013, based on Fitch Ratings' sample portfolio of 252 rated corporates. Portfolio Leverage Declining Slightly: Fitch forecasts net leverage for the sample will edge down to 1.75x in 2015 from 1.78x in 2014 (Figure 6), due to lower net debt in the technology and auto sectors, and higher EBITDAR for real estate, utilities, technology and autos. Some Negative Sector Outlooks: Our 28 outlook reports look at the outlook for both the sector as a whole (22 with stable outlooks), and just our rated universe of entities within that sector (26 with stable outlooks). Our rated universe tends to comprise the stronger and more dominant entities within their sector, with ratings already taking into account many of the foreseeable downside risks, which accounts for the higher proportion of stable outlooks. See Appendix 1 for a full list. Negative on Oil and Gas: Low oil prices will affect the cash...
