S&P Cuts WorldCom Credit Rating

The rating agency cites uncertainty surrounding the beleaguered telecom's ability to ultimately pay its outstanding debt

On June 26, 2002, Standard & Poor's lowered its long-term corporate credit rating on WorldCom (WCOM ) to 'CCC-' from 'B+' following the company's announcement that it intends to restate financial statements for 2001 and the first quarter of 2002 due to the overstatement of EBITDA by about $3.8 billion.

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