After hitting a five-year low of $36.50 earlier in the day, Omnicom's stock closed down 9.2% at $44.30 on the New York Stock Exchange.
"Moody's is concerned
Moody's said it is reviewing Omnicom's senior unsecured debt, but not its short-term debt.
Omnicom issued a statement arguing the company has "ample liquidity to meet all foreseeable business and capital requirements," including an $850 convertible debt issue due in February 2003, and also has a $500 million credit line that would not be affected by a ratings change.
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