U.S.-based online video service provider Netflix Inc.'s performance has exceeded our expectations. We are revising our rating outlook on Netflix to stable from negative and affirming our 'B+' corporate credit rating. We are also affirming our 'B+' issue-level ratings on the company's senior unsecured notes. The recovery rating remains '3'. The stable outlook reflects our expectation that Netflix will have strong subscriber growth rates, which is necessary to ensure access to capital market. Additionally, our outlook incorporates our assumption that Netflix will maintain about $1 billion in available liquidity in forms of cash and cash equivalents. On Feb. 25, 2016, Standard&Poor's Ratings Services revised its rating outlook on Los Gatos, Calif.-based online video service provider Netflix Inc. to
