WeWork bonds, already junk, downgraded by Fitch

WeWork’s credit rating, already rated as junk, has been downgraded on concerns that the pandemic could seriously weaken demand for office space. Ratings agency Fitch dropped WeWork’s long-term issuer default rating Thursday one notch from CCC+ to CCC. Both scales are non-investment grades, otherwise known as junk or high-yield status, representing a real possibility that the company will default on its credit obligations. “The downgrade reflects Fitch’s concern over the viability of WeWork’s business model