Negative Rating Action definition
Negative Rating Action means a rating agency placing a rating on Negative Watch or a rating agency downgrading a rating to a lower rating.
Negative Rating Action means a rating agency placing a rating on Negative Watch or a rating agencydowngrading a rating to a lower rating. “Negative Watch” means the mechanism or mechanisms used by the relevant credit rating agency to identify an issuer that is at risk of a credit rating downgrade in the short or long term, including but not limited to negative designations of S&P CreditWatch, S&P Outlook, Fitch Rating Watch, Fitch Outlook, Moody’s Watchlist, or Moody’s Rating Outlook, as defined on the relevant ratingagencies’ websites from time to time. “network code” means the document prepared by or on behalf of the licensee pursuant to paragraph 3 of Standard Special Condition A11 (Network Code and Uniform Network Code), (as that document is modified from time to time pursuant to that condition) and where the context requires, references to network code shall include the uniform network code to the extent that it isincorporated by reference; “network code modification procedures” for the purposes of Standard Special Condition A11 (Network Code and Uniform Network Code) and Standard Special Condition A12 (Joint Office Governance Arrangements), has themeaning given in Standard Special