Leading global market position with good brand recognition; Stable cash flow generation; and Favorable demographic trends. A narrow business focus; Participation in the highly competitive weight-loss industry; Some sensitivity to weak economic conditions and lower consumer discretionary spending; and An aggressive financial policy and leveraged capital structure, with higher debt levels following the company's recent recapitalization. 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's majority ownership and board control--and influence on financial governance--while recognizing the company's significant and rather predictable cash flow generation. Our business risk profile assessment