S&P Global downgraded WeWork's bonds further into junk territory late Thursday evening amid concerns the company might struggle to raise new capital to fund growth.
The rating agency lowered WeWork's credit status to "B-" from "B" and changed its outlook for the company to negative from stable.
Downgrade - Company - Offering - Shake-up - Co-founder
The downgrade follows the company's failed initial public offering and an executive shake-up that resulted in co-founder Adam Neumann stepping down as CEO.
Read more stories about WeWork here.
WeWork - Credit - Rating - Deeper - Junk
WeWork's credit rating was downgraded deeper into junk territory late Thursday evening after the coworking company failed to pull-off its initial public offering.
S&P Global lowered WeWork's overall credit rating to "B-" from "B" and changed its outlook for the company to negative from stable. The agency cited concerns that WeWork might struggle to raise new capital to fund growth as the reason for the downgrade.
Downgrade - Uncertainty - Company - Ability - Capital
"The downgrade reflects heightened uncertainty around The We Company's ability to raise capital to support aggressive growth and the pressure this...
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