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S&P downgrades WeWork
S&P said it lowered the issuer credit rating on WeWork Cos. LLC to CCC from CCC+, the issue-level rating on its $525 million first-lien notes to CCC+ from B-, the issue-level rating on its $687 million second-lien exchange notes to CCC- from CCC and the issue-level rating on its 7 7/8% unsecured notes to CCC- from CCC.
The outlook is negative.
WeWork disclosed in its 10-Q for the period ended June 30, 2023 that there is substantial doubt around its ability to continue as a going concern.
“We believe this information, along with the departure of certain senior-level management and board members, suggests the company could face a payment default or pursue a debt restructuring in the next 12 months,” S&P said in a news release.
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