On Dec. 23, 2008, Standard&Poor's Ratings Services revised the outlook on Covanta Holding Corp.'s 'BB-' corporate credit rating to positive from stable. The outlook should have been changed on April 30, 2008 when we changed the outlook on Covanta Energy Corp. to positive from stable. Outlook Revised Covanta Holding Corp. To From Corporate Credit Rating BB-/Positive/-- BB-/Stable/--