S&P Global Ratings cut WeWork’s credit rating deeper into junk territory amid concerns it won’t be able to meet its growth plans.

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The credit rating agency on Thursday lowered WeWork’s rating one notch to B- and assigned a negative outlook, saying “heightened risk of recession” could impact its liquidity position and access to capital.

“The downgrade reflects heightened uncertainty around The We Company’s ability to raise capital to support aggressive growth and the pressure this places on liquidity,” S&P analysts said Thursday. “These uncertainties stem from the weak reception of The We Company’s IPO, partly related to what we view as subpar governance practices.”

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