Negative watch: +20% to base PD; positive: -10%
| source | NRSRO outlook convention |
| derivation | expert_judgment |
| quality | estimated |
| set | 2026-05-25 |
| last reviewed | 2026-05-25 |
| next review due | 2026-06-30 |
Forward-looking overlay on through-the-cycle PDs; refreshed monthly from rating actions.