WeWork had its long-term issuer default ratings cut to ‘CC’ from ‘CCC-’ by Fitch Ratings, as well as its first-lien bonds. The moves impact $US1.4 billion ($2.2 billion) of debt.

In a statement, Fitch said the decision follows “worse than expected second-quarter financial results, a public warning that the company’s ability to continue as a going concern over the next 12 months will be contingent on improving its liquidity, resignations of key executives and board members, and the replacement of board members with restructuring experts”.