It sounds like Twitter didn't have enough cash to finance its growth and that the IPO didn't result in enough cash available to do whatever needs to be done.
So if you put the information together:
The IPO was triggered b/c some investors wanted to get out. The public funding was insufficient to fund whatever initiatives are going on. The debt issue was an attempt to get capital asap. The rating could have been easily predicted and so it must be the case that Twitter's management chose to take the hit of the bad PR in exchange for the cash provided by the debt. This suggests that Twitter expects to be in for some tough times ahead.
All this is probably very rational decision making and is probably the best bet the company has in an increasingly competitive market.
So if you put the information together:
The IPO was triggered b/c some investors wanted to get out. The public funding was insufficient to fund whatever initiatives are going on. The debt issue was an attempt to get capital asap. The rating could have been easily predicted and so it must be the case that Twitter's management chose to take the hit of the bad PR in exchange for the cash provided by the debt. This suggests that Twitter expects to be in for some tough times ahead.
All this is probably very rational decision making and is probably the best bet the company has in an increasingly competitive market.