S&P; Cuts WorldCom Credit Ratings 2 Levels

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.