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Fitch downgrades WeWork, parent in light of canceled IPO plans

Fitch Ratings downgraded WeWork Cos. and The We Co. by two notches to CCC+, with a negative outlook, after the parent company formally withdrew its IPO filing.

The rating agency also lowered the company's senior unsecured note rating to CCC/RR5.

The rating action and outlook are based on WeWork's uncertain liquidity profile in light of its canceled plan to raise at least $3 billion in an IPO, plus $4 billion in senior secured debt and $2 billion in letter-of-credit capacity.

Fitch said it expects WeWork to dramatically lower its growth ambitions and related overhead expense that led to its shaky liquidity position.