Weight Watchers International Inc.'s performance fell short of our expectations because of the weak 2019 winter recruiting season due of intensified competition and an ineffective marketing campaign. This resulted in weaker sales, margin erosion, and deteriorated credit measures. We expect the company will continue to face top-line pressures in 2019, and we forecast leverage increasing to the high-4x area at the end of 2019 from 3.8x at the end of 2018. We are revising our outlook on Weight Watchers to negative from stable and affirming all our ratings on the company, including the 'B+' issuer credit rating. The negative outlook reflects the risk that the company could fail to stabilize declining sales and margins because of intense competition, and that
