While previous sentiment analysis research has concentrated on the interpretation of explicitly stated opinions and attitudes, this work initiates the computational study of a type of opinion implicature (i.e., opinion-oriented inference) in text. This paper described a rule-based framework for representing and analyzing opinion implicatures which we hope will contribute to deeper automatic interpretation of subjective language. In the course of understanding implicatures, the system recognizes implicit sentiments (and beliefs) toward various events and entities in the sentence, often attributed to different sources (holders) and of mixed polarities; thus, it produces a richer interpretation than is typical in opinion analysis.