Moody’s describes concerns about SBG’s financial policy as the reason for the rating action. While Moody’s continues to characterize SBG’s financial policy as aggressive, we believe that despite the application of Moody’s rating criteria to the program, there are no reasons to downgrade SBG ratings by two tiers. Such a downgrade, which deviates significantly from Moody’s rating criteria, leads to considerable misunderstandings among investors who rely on ratings when making investment decisions and leads to considerable confusion among issuers who are trying to improve the financial situation.
… SBG believes that Moody’s rating measures are based on overly pessimistic assumptions about the market environment as well as misunderstandings and speculation that SBG will quickly liquidate assets without a thorough review and without an improvement in its financial position. We are aware that Moody’s has ignored SBG’s repeated statements and statements to the market and has based its rating based on its biased and false views. We cannot accept a decision made on this basis.
And to think WeWork was only a few weeks away from the IPO in October. What a difference a half year makes.