WeWork’s credit rating has been further downgraded into junk territory
Fitch Ratings said last night it had cut WeWork’s main rating from CC to CCC-, after “worse than expected second-quarter financial results, a public warning that the company’s ability to continue as a going concern over the next 12 months will be contingent on improving its liquidity, resignations of key executives and board members ,and the replacement of board members with restructuring experts”.
Last week WeWork warned of a “substantial doubt” that it would be able to stay in business, adding that its fortunes were reliant on it being able to dispose of leases and slash rents.
