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WeWork is now one step away from junk-bond market's weakest tier

S&P Global Ratings reduced WeWork's credit rating one notch to B- with a negative outlook, putting it at the edge of the market's weakest tier of borrowers

WeWork office
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WeWork office

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WeWork bondholders are not taking kindly to the co-working giant’s move deeper into junk status.

The company, now officially called We Co., saw its 7.875% bonds due 2025 fall 2.75 cents on the dollar to 88.25 cents as of 11:12 a.m. in New York. The yield topped 10% for the first time since March yesterday in late trading, and floated even higher this morning.
 
S&P Global Ratings reduced WeWork’s credit rating one notch to B- with a negative outlook, putting it at the edge of the market’s weakest tier of borrowers. S&P could cut its credit rating again
Topics : WeWork

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First Published: Sep 28 2019 | 2:02 AM IST

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