×

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 DOWNGRADES OMNICOM DEBT RATING

But Company Outlook 'Stable'; IPG Remains 'Negative'

By Published on .

NEW YORK (AdAge.com) -- Omnicom Group's long-term and short-term corporate credit ratings were downgraded one notch by Standard & Poor's Ratings Services to A- from A and to A-2 from A-1, respectively.

S&P also removed Omnicom from CreditWatch, saying its outlook is now stable.

The ratings agency said the downgrade was due to the risk the uncertain economy presents to Omnicom's short-term debt, including a $900 million convertible note that could be put to the company for redemption July 31.

Separately, S&P for the first time since August removed Interpublic from CreditWatch, signaling it's not contemplating another near-term credit downgrade.

S&P's long-term Interpublic outlook remains "negative," signaling the possible rating direction in the next two to three years. S&P earlier this month cut Interpublic debt to "junk" status.

In this article:
Most Popular