1427 ET - S&P Global Ratings pushes WW International, formerly Weight Watchers International, further into junk territory, cutting the company's credit rating to CCC- from CCC with a negative outlook. S&P says WW recently borrowed $121.3 million from its $175 million revolving credit facility, pushing the aggregate principal amount of borrowings to $175 million. "We believe this signals the company is in financial distress and it is increasingly likely it will default, which could include a bankruptcy or an out of court restructuring, over the next six months," S&P says. The agency also says its outlook reflects the belief WW is vulnerable to a near-term payment default, covenant breach, or distressed exchange over the next six months. (stephen.nakrosis@wsj.com)
(END) Dow Jones Newswires
February 06, 2025 14:27 ET (19:27 GMT)
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