WeWork Downgraded by Fitch as Recession Fears Mount
- The real estate company now holds a CCC rating from Fitch
- WeWork is unlikely to reach its occupancy goals by 2023
An office worker at a WeWork co-working office space.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
WeWork Inc. was downgraded one notch by Fitch Ratings as the office-sharing upstart continues to lose money and struggles to capitalize on a return-to-office push happening at companies globally.
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.