We are revising our forecast on U.S.-based Weight Watchers International Inc. downward because of declining revenue from lower membership. We believe the continuing deterioration of its business will significantly weaken credit metrics. We are lowering all of our ratings on Weight Watchers, including our corporate credit rating, to 'B-' from 'B'. The stable outlook reflects our view Weight Watchers will continue to generate free cash flow, which will support the company's continued investment in the business, and that it will be able to meet it 2016 debt repayment obligation. On May 1, 2015, Standard&Poor's Ratings Services lowered its corporate credit rating on New York City-based Weight Watchers International Inc. to 'B-' from 'B'. The outlook is stable. At
