Fitch removes negative view on WeWork

Fitch Ratings said it removed the negative outlook on WeWork Cos. Inc. citing the proposed financing with SoftBank Group Corp.

Fitch said it also put the senior unsecured notes rating on rating watch negative reflecting the anticipated decline in recovery prospects upon funding of the proposed financing, which is subject to finalized terms.

“While Fitch expects the proposed financing to go ahead with a high degree of confidence given SoftBank’s commitment, WeWork’s ratings would likely be downgraded to the CC category were the proposed financing not to be completed and absent any other alternative,” the agency said in a press release.

Fitch affirmed WeWork’s CCC+ rating.

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