Moment of truth for the Baby Bells?The Wall Street Journal reports that credit rating agency, Standard & Poor’s is contemplating cutting the credit rating of the baby bells within a week or so. Such a move would be the first time the ratings firm has acted against these three companies at once, WSJ says. If its one step downgrade, then things will be all right, but if the cut is steeper than that, the bonds would tumble, and stocks would follow. And even the healthy dividends might go out of the window. I see this as proof of the continuing telecom death spiral.