WeWork Downgraded by Fitch as Recession Fears Mount [BNN Bloomberg (Canada)]
WeWork Inc. (WE)
Company Research
Source: BNN Bloomberg
Fitch lowered its rating on WeWork to CCC from CCC+ Friday, saying its challenges will only be exacerbated in the coming year as companies trim workers, scale back spending in anticipation of a recession and move slowly to retreat from hybrid work schedules. Fitch also downgraded the company's senior unsecured bonds one notch to CC from CCC-. Prices for its 7.875% bonds due 2025 have plummeted by almost 50% since their issuance in 2018 and are now changing hands at around 51 cents on the dollar, as of 4:22 p.m. in New York, Trace data show. Read more: Junk or Really Junky? The Diverging Views on WeWork's New Bonds The downgrade comes after the company's earnings fell short of Wall Street's expectations in the third quarter. WeWork noted it had lost $629 million, compared with an average estimate of $367 million. And although more workers have come back to the offices, achieving its pre-pandemic numbers is likely to prove tough, Fitch said. WeWork made its public markets debut
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