S&P rates Interpublic notes B+

Standard & Poor's said it assigned Interpublic Group of Cos. Inc. proposed offering of $500 million senior unsecured notes due 2017 its issue-level rating of B+, at the same level as the B+ corporate credit rating on the company.

The agency added that it also assigned this debt a recovery rating of 3,

In addition, the agency said it have revised its recovery rating on Interpublic's existing senior unsecured debt to 3 from 4, noting that this revision reflects a change in its simulated default scenario assumptions, which now include a lower debt balance at default and a modestly higher emergence enterprise value.

The corporate credit rating on Interpublic is B+ and the outlook is stable, S&P said, adding that the rating reflects its concern about the potential severity of recessionary pressures.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.