Moody's drops Weight Watchers

Moody's Investors Service said it downgraded the debt ratings of Weight Watchers International Inc.

The corporate family rating was revised to Ba2 from Ba1, the probability of default rating was dropped to Ba3-PD from Ba2-PD and the senior secured credit facility ratings were downgraded to Ba2 from Ba1.

Moody's assigned a speculative grade liquidity rating of SGL-2 was assigned.

The outlook was revised to negative from stable.

"Weight Watchers has been seemingly slow to react to accelerating declines in meeting attendance and growing competition from internet-based calorie counting services, focusing instead on longer term business to business initiatives," Moody's senior analyst Edmond DeForest said in a news release.

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