WeWork is many things. Under the helm of co-founders Miguel McKelvey and Adam Neumann, the New York-based company has gone from office-space sharing to providing classes (it recently launched a grade school), retail, a community speakeasy, and an urban think tank. Easy to assess, it is not.
According to Bloomberg News, bond-rating company Moody's is pulling its assessment of WeWork debt due to “inadequate information.”
Moody’s, also based in New York City, wasn’t being paid for the rating. The credit grader published an unsolicited assessment earlier this year that ranked WeWork’s $702 million of unsecured debt in the lowest speculative-grade tier. That was lower than the grades assigned by Moody’s rivals S&P Global Ratings and Fitch Ratings, the report continued.
This April, WeWork agreed to sell $702 million of bonds to investors due in 2025 at an annual interest rate of 7.875 percent.
WeWork says Moody’s does not have access to the information required to maintain a credit rating, "which is why they withdrew it."
WeWork is primarily known for managing shared office spaces. The range of tenants that operate under a "WeWork" roof can be anyone from single entrepreneurs to startups to Fortune 500 companies.
It had about $18 billion due in rent earlier this year and is spending more than it makes.
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