This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Nov. 21, 2022—S&P Global Ratings today said that Fitness International LLC?s (B-/Positive/--) full paydown of its Main Street (MSELF) loan, which ranks pari passu with its senior secured facilities, will improve the recovery prospects for its senior secured revolving lenders because it will lower the company's debt balances in a hypothetical default scenario. Therefore, we revised our rounded recovery estimate for its senior secured debt to 85% from 70%. However, our ?B? issue level rating and ?2? recovery rating on Fitness International?s revolver, term loan A, and term loan B remain unchanged. Additionally, we believe the company?s amendment of its senior secured credit facilities, which lowered the
