In line with the credit environment that Moody's foresees for sovereigns in 2018, 102 (74%) of the 137 Moody's-rated sovereigns have a stable outlook, and a further 13 (10%) hold a positive outlook. Only 22 (16%) sovereigns have a negative outlook compared with 35 (26%) a year ago, pointing to the likelihood of fewer downward rating adjustments in 2018 compared with 2017.