The corporate credit rating on Weight Watchers International Inc. (WWI) reflects Standard&Poor's Ratings Services' assessment that the company's business risk profile remains "fair" and its financial risk profile "aggressive." In assessing financial risk, we take into consideration Artal Holdings Sp. Z.o.o. Succursale de Luxembourg's majority ownership and board control--and influence on financial governance--while recognizing the company's significant and rather predictable cash flow generation. We believe the aggregate approximately $1.5 billion debt-financed share repurchases executed in March 2012 (influenced, in our view, by Artal) signifies an aggressive financial policy. Our business risk profile assessment incorporates our view that WWI will maintain its standing as a highly recognizable brand with a solid market position, international presence in a growing global
