1.   The favorable outlook reflects the strength of the national economy and several other factors.

2.   The muddled outlook reflects in part the uncertainty in both parties about how much demand there is among voters for tax cuts.

3.   According to a press statement, this revised outlook reflects a rising external debt burden and a growing dependence on short-term funding.

4.   The pessimistic outlook reflects the economic downturn that has plagued Japan for the last several years.

5.   The negative outlook reflects weakening demand, due to economic downturn, in some of its major offshore markets such as Japan and South Korea.

6.   S and P said its negative outlook reflects uncertainty about the transition to a new government.

7.   The negative outlook reflects more severe business environment in Japan, the agency said.