Moody’s dropped its ratings of WeWork, saying it didn’t have enough information to evaluate the company’s creditworthiness. Moody’s wasn’t being paid for the rating, Bloomberg reported. In April, the rating agency graded WeWork’s $702 million of unsecured debt on the lowest speculative-grade tier. Its assessment was lower than that of ratings agencies S&P and Fitch. The junk ratings underscore the challenge of evaluating creditworthiness of startups that tout growth but have negative free cash flow, […]
source https://therealdeal.com/2018/08/30/moodys-is-no-longer-rating-wework/
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