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| Credit Rating of WorldCom Is Cut to Junk by Jeremy at 6:35 am EDT, May 10, 2002 | |||
WorldCom's credit rating was cut below investment grade yesterday by Moody's Investors Service, but the company narrowly averted a cash squeeze by securing a waiver from its lenders that allows it to have access to an important borrowing program. Moody's says: "We estimate that WorldCom's operating earnings will fall below its interest obligations within six months." Translation: a debt default may be on the horizon, or closer. | |||
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