Moody's Pulls WeWork Credit Ratings, Citing Lack of Information
- Startup hadn’t sought Moody’s ratings for its April bond sale
- WeWork debt has slumped since successful $702 million deal
Members work on laptop computers in a common room at the Embarcadero WeWork Cos Inc. offices in San Francisco, California.
Photographer: Mike Short/BloombergThis article is for subscribers only.
Moody’s Investors Service dropped its ratings of WeWork Cos. and its inaugural bond deal, saying it didn’t have enough information to continue grading the company’s creditworthiness. WeWork’s notes declined.
Moody’s wasn’t being paid for the rating, according to a spokesman for the company that runs shared office space for tenants from startups to large enterprises. The credit grader published an unsolicited assessment in April that ranked WeWork’s $702 million of unsecured debt in the lowest speculative-grade tier. That was lower than the grades assigned by Moody’s rivals S&P Global Ratings and Fitch Ratings.