Global credit rating agency Fitch Ratings on Tuesday downgraded WeWork's cr...
NEW YORK - Global credit rating agency Fitch Ratings on Tuesday downgraded WeWork’s credit rating by two notches to “CCC+”, putting the Softbank-backed office-sharing firm deep into junk territory a day after it abandoned an initial public offering.
“In the absence of an IPO and associated senior secured debt raise, WeWork does not have sufficient funding to meet its growth plan,” Fitch wrote in a note. Fitch said it could revisit the rating if WeWork was “able to negotiate a firmly committed financing plan and demonstrate successful implementation of any turnaround plan.”
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