Standard & Poor’s placed ratings of WorldCom on CreditWatch with ...
Standard & Poor’s placed ratings of WorldCom on CreditWatch with “negative implications” Fri., citing “heightened concerns regarding the long distance industry and the company’s ability to deliver its balance sheet near- term.” Standard & Poor’s said it projects revenue…
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growth in long distance voice and data business will continue to be depressed this year as result of economy and wireless and e- mail substitution. S&P also noted that RBOC competition is expected to increase as FCC grants more Sec. 271 approvals. “Longer term, the competitive market position of pure long distance carriers is uncertain, as is the potential for consolidation with diversified telecommunications service providers,” S&P said. Ratings agency said that last year, WorldCom’s net debt to earnings before interest taxes depreciation and amortization on non-lease-adjusted basis was high at ratio of 2.9.