...- New York-based WW International Inc. underperformed S&P Global Ratings' expectations with continued year-over-year subscriber declines despite the launch of a new food program at year-end 2021 which historically yields stronger results. - We now project leverage will increase to 6x in 2022 compared to our previous expectation of below 5x. - As a result, we lowered our issuer credit rating on the company to 'B' from 'B+'. - At the same time, we lowered our rating on the company's senior secured debt to 'B+' from '##-'. The recovery rating remains '2', reflecting our expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. - The stable outlook reflects our expectation that leverage will be elevated at about 6x as the company navigates a turnaround strategy to stem revenue losses and return to growth. It also reflects our expectation that despite the challenging industry dynamics, the company will continue to generate healthy levels of free...
