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

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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.

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