S&P Puts IPG on Negative CreditWatch

NEW YORK Standard & Poor’s said it has placed Interpublic Group on CreditWatch with “negative implications.” As of June 30, IPG had an outstanding total debt of about $2.2 billion.

“The CreditWatch listing reflects Standard & Poor’s intensifying concerns about senior management turnover at Interpublic, coupled with the previously identified material weakness in the company’s internal controls related to the processing and monitoring of transactions,” explained S&P analyst Alyse Michaelson in a statement. “These issues, at a time when Interpublic is working to turn around a number of its businesses and stabilize operating trends, put pressure on already-vulnerable ratings.”

S&P