The Ad Holding Company Credit Crunch

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As the recession worsens, debt-rating companies have been downgrading advertising holding companies’ stocks, giving investors a little more bad news to react to. But stock-market analysts are not the only ones worried about ad holding companies. Recently, Fitch lowered its rating of WPP to two notches higher than junk, citing general concerns about the ad industry; Moody’s lowered its debt rating of Omnicom; and Standard & Poor’s downgraded both Omnicom and IPG.

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