The ratings on Weight Watchers International Inc. (WWI) reflect the company's narrow business focus, its participation in the highly competitive weight-loss industry, and its substantial debt levels. These factors are somewhat mitigated by the company's leading market position, geographic diversity, predictable cash flows, and favorable demographic trends. Woodbury, N.Y.-based WWI is a narrowly focused provider of commercial weight-loss services. In the U.S. (WWI's largest market), the commercial weight-loss segment represents only about 7% of the highly competitive weight-loss industry, which includes other segments such as self-help weight-loss products, weight-loss drugs, and weight-loss services administered by doctors, nutritionists, and dieticians. Still, WWI is the world's largest provider in its own segment and leads the market in most of the 30 countries
