U.S.-based weight loss service provider Weight Watchers' credit metrics continue to deteriorate as a result of 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 all of our ratings on Weight Watchers, including our corporate credit rating to 'B+' from 'BB-'. We are also placing all of our ratings on Weight Watchers on CreditWatch with negative implications. On Feb. 21, 2014, Standard&Poor's Ratings Services lowered its corporate credit rating on New York City-based Weight Watchers International Inc. to 'B+' from 'BB-. At the same time, we lowered our issue-level ratings on Weight Watchers' senior secured revolving credit and
