Fitch downgraded the company's credit rating last month, saying the company was "making a choice" to delay becoming profitable, a move that makes the company riskier. WeWork carries B grades from Fitch and S&P Global Ratings, a level considered "highly speculative" or "more vulnerable to nonpayment." Adam Neumann, WeWork's chief executive officer, has been spending heavily to fund growth, a move that has flummoxed credit graders. When WeWork first came to the debt markets, ratings companies assigned it grades across the spectrum, underscoring the difficulty of assessing startups with big ambitions but negative free cash flow. With a yield of about 8.2%, the notes yield more than average for a single-B rated security, but below those typically seen in the triple-C tier of junk debt.