Fitch Ratings has downgraded WeWork Cos. to CCC from CCC+, citing recent negative metrics pulling the company down, and the prospect of a weaker economy next year. Default for the coworking company is a real possibility, according to Fitch.
Fitch predicts WeWork would be a going concern should it go bankrupt, and it would be reorganized rather than liquidated. Under a recovery scenario, Fitch expects “significant defaults” on lease payments. 
The company also downgraded the company’s senior unsecured bonds a single notch from CCC- to CC.
In the Fitch scheme of ratings, CCC is a substantial credit risk, with default “a real possibility,” while CC…