...- We believe the recent surge in confirmed COVID-19 cases and mandated and anticipated gym re-closures in states in the U.S. South, Southwest, and West, may cause Fitness International LLC's (LA Fitness) reopening plan in the second half of 2020 to produce a slower revenue recovery for an extended period. - As a result, we are revising the company's rating outlook to negative from developing because we believe there are significant near-term downside risks, and we no longer believe we could raise ratings in the next 12 months. - We have affirmed our '###+' issuer credit rating and our 'B-' senior secured issue-level rating. The recovery rating on this debt remains '2'. - The negative outlook reflects the potential for significant revenue disruption caused by intermittent mandatory regional club closures as a result of the COVID-19 pandemic. We could the lower ratings if we believe the company's liquidity position will worsen, or we believe it is likely the company would default or enter...
