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NEW YORK Standard & Poor’s on Friday downgraded Interpublic Group’s long-term credit rating to “junk” status, citing “organic revenue declines, insufficient control over agencies’ variable cost structures and considerably lower margins.”
Previously rated “BBB-“–the lowest rung of investment grade–IPG’s rating slid a single step to “BB+.” S&P’s also lowered IPG’s short-term credit rating, to “B” from “A-3.” At the same time, the ratings remain on “credit watch” with negative implications, as they have since Aug. 6.
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