NEW YORK -- Standard & Poor's said today that it lowered its long-term corporate credit rating on global communications provider WorldCom Inc. to single-'B'-plus from double-'B' due to the company's anticipated delay in obtaining an approximately $5 billion bank facility, increased refinancing risk associated with large debt maturities commencing in 2003, and the continued weak environment for long-distance services. In addition, the company's confirmation that it will further cut capital spending by $1 billion in 2003 and reduce its workforce by 20% could negatively impact future growth prospects. The rating remains on CreditWatch with negative implications. Clinton, Miss.-based WorldCom had about $30 billion total debt outstanding as of March 31, 2002. "Even if the bank loan is successfully negotiated, we are concerned about WorldCom's asset valuation in relation to its total debt outstanding, as the demand for long-distance voice and data services continues to be impacted by a slow economic recovery, technology substitution, and competition," Standard & Poor's credit analyst Rosemarie Kalinowski said. "Moreover, because of WorldCom's debt load and excess long-haul capacity in the market, the potential of being acquired by a financially stronger entity is limited in the near term." WorldCom Inc.Standard & Poor’s