We revised downward our EBITDA forecast for U.S.-based weight loss service provider Weight Watchers International Inc., due to weaker-than-expected operating performance. We project the company will not improve credit ratios over the next 12 months to levels we previously specified to maintain the ratings. We are lowering our corporate credit rating on Weight Watchers to 'BB-' from 'BB' and assigning a 'BB' issue-level rating to the company's proposed $250 million revolving credit facility due 2018 and $2.4 billion term loan due 2020, which the company will use to refinance existing bank debt. The stable outlook reflects our forecast that Weight Watchers will sustain credit ratios consistent with an "aggressive" financial risk descriptor over the next two years. On March 18,
