Level 3 Communications (LVLT) was down 15.1% in midafternoon.
Standard & Poor's
announced it may cut the company's credit rating, based on Level 3's lowered guidance Monday for 2001 and 2002 and the long-term effects of the economic slowdown.
Standard & Poor's will review the company's business plans to determine if the current credit profile is merited.
The ratings agency is also considering lowering Level 3's senior unsecured debt to below the corporate credit rating.