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In finance, a "fallen angel" is a company that had its debt rating reduced to junk status due to a deteriorating financial position.
Fitch downgraded WeWork’s debt even further into junk with a scathing assessment of its ‘precarious’ funding trap
WeWork will likely "dramatically scale back its growth" and is now rated CCC+, the third rung in a non-investment grade scale that Fitch operates.
Stocks of such debt have more than quadrupled since the crisis, standing at about $2.7 trillion.
Giant tech firms like Uber and Tesla are lapping up junk debt — here’s why investors are lining up to lend it
WeWork, Uber, and Tesla are piling on cheap debt to fuel their growth plans, relying on their brand appeal to win funding deemed too risky for others.