S&P: Interactive Health on watch

Standard & Poor's said it placed its ratings on Interactive Health LLC on CreditWatch with negative implications, including its B corporate credit and senior unsecured debt ratings.

The CreditWatch placement reflects the company's reported and unaudited weaker operating performance and downward trends in credit measures in fiscal 2005, the agency said.

Additionally, Interactive announced that it incurred a restricted payment default under its senior unsecured notes, a condition which will delay the filing of its audited financial statements, although the company is not in payment or financial covenant default, S&P added.

S&P said it is also concerned about the future business relationship with a key customer, Brookstone, which has been acquired by a consortium led by Osim International.

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