Leading market position; Geographic diversity; Predictable cash flows; and Favorable demographic trends. Narrow business focus; Participation in the highly competitive weight-loss industry; and Substantial debt levels. The ratings on WeightWatchers International (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. WWI is a 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,
