The negative outlook on R+F reflects the potential we could lower our rating on the company in the next 12 months if its performance declines faster than our expectations and its liquidity position deteriorates further, resulting in reliance on its revolver and a potential covenant compliance breach. This could occur if R+F cannot slow the rate of revenue decline because of low new consultant enrollment. Coupled with high investment needs in its business, this would hinder the company's efforts to improve operations and generate cash. We could also lower our ratings if we believe R+F is likely to engage in a distressed exchange to lower its debt burden in the next 12 months. We could take revise the outlook to
