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NEW YORK Moody’s Investor Service downgraded Omnicom’s senior unsecured debt rating on Wednesday, citing the holding company’s use of debt for acquisitions, the weak ad climate and the uncertain overall economy.
The senior unsecured debt dropped from A3 to Baa1. “This is not a complete surprise, given recent Moody’s comments related to viewing the OMC’s converts as short term debt,” Merrill Lynch analyst Lauren Fine wrote in a report Thursday. Fine reiterated a “buy” rating on Omnicom shares, though, saying the stock was trading a significant discount to Merrill’s earnings estimates for 2003 and 2004.
Omicom’s
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