U.S. fitness club operator Fitness International LLC experienced better-than-expected operating performance in the first half of this year, and we have raised our base-case EBITDA forecast for the company through 2016. We are revising the rating outlook to positive from stable and affirming all ratings on Fitness International, including the 'B' corporate credit rating. The positive outlook reflects our expectation that Fitness International could sustain operating lease-adjusted debt to EBITDA under 5.5x, incorporating EBITDA volatility over the economic cycle and the potential for leverage capacity to be used to return capital to shareholders in some form, including the possibility that the company could partially redeem remaining owners' equity interests. On Aug. 20, 2015, Standard&Poor's Ratings Services revised its
