On Dec. 18, 2006, Standard&Poor's Ratings Services placed its ratings for commercial weight-loss service provider Weight Watchers International Inc. (WWI), including the 'BB' corporate credit rating, on CreditWatch with negative implications, indicating that the ratings could be lowered or affirmed following the completion of our review. New York, N.Y.-based WWI had about $817.0 million of total consolidated debt outstanding as of Sept. 30, 2006. At the same time, the ratings on online weight-loss service provider WeightWatchers.com (WW.com, a wholly owned subsidiary and exclusive licensee of WWI), including the 'B+' corporate credit rating, were affirmed. We expect the ratings on WW.com would be withdrawn upon the completion of the planned refinancing of its existing senior secured debt. The CreditWatch
