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S&P cuts Interpublic Group's ratings

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New York--Standard & Poor's Ratings Services on Friday said it had lowered its long-term corporate credit rating on advertising agency holding company The Interpublic Group of Cos. Inc. to triple-'B' from triple-'B'-plus because of concerns about weakened profitability. Total debt at Interpublic as of June 30 was about $3 billion. The S&P move comes one day after Interpublic, parent to ad agencies McCann-Erickson WorldGroup and FCB Group, saw its stock drop 30%. And on Wednesday, Interpublic said slumping revenue in key markets, coupled with continuing problems at the company's motor sports division, would put third-quarter profits at 8 to 10 cents a share, versus Wall Street's consensus forecast of 28 cents.
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