Fitch has downgraded WeWork following the formal withdrawal of its IPO
. The ratings agency has cut the ratings of WeWork Companies LLC and We Co by two notches to CCC+. Fitch has also downgraded the senior unsecured note rating to CCC/RR5 and said its outlook is negative for the company owing to its “uncertain liquidity profile in the absence of its earlier plan to raise at least $3bn in an IPO plus $4bn in senior secured debt along with $2bn in letter of credit capacity". It added that without the IPO WeWork has insufficient funding to deliver its growth
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