Finance

Fitch strikes fresh blow to WeWork with downgrade to junk status

By 2019-10-02T06:53:00

Wework

Source: Shutterstock/ photobyphm

Fitch Ratings has downgraded WeWork’s credit rating after a tumultuous few weeks for the flexible office group, as predicted by Property Week last month.

The ratings agency cut the group’s credit rating by two levels to CCC+ from B, putting the Softbank-backed office-sharing firm deep into junk territory a day after it abandoned its stock market listing in New York, and a week after it demoted its founder Adam Neumann. WeWork’s rating outlook is also negative, Fitch added.

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