S&p; cuts worldcom credit ratings 2 levels
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WorldCom Inc. had its credit ratings cut two levels by Standard & Poor’s because of potential delays in arranging a $5-billion bank line and the need to refinance $9 billion of debt
maturing in the next three years. The rating of the second-biggest U.S. long-distance phone carrier was lowered to B+, four levels below investment grade, from BB. WorldCom, with $30 billion
of debt, is trying to arrange the bank lines to replace lines that expire next month and to repay $4.1 billion of bond debt maturing in 2004. MORE TO READ