Once registered, you can:

  • - Read additional free articles each month
  • - Comment on articles and featured creative work
  • - Get our curated newsletters delivered to your inbox

By registering you agree to our privacy policy, terms & conditions and to receive occasional emails from Ad Age. You may unsubscribe at any time.

Are you a print subscriber? Activate your account.


S&P cuts Interpublic Group's ratings

Published on .

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.
Most Popular
In this article: