S&P: Interpublic Group still on watch

Standard & Poor's said its BB- long-term corporate credit rating on The Interpublic Group of Cos. Inc. remains on CreditWatch negative.

S&P said Interpublic updated its consent solicitation status and has demonstrated traction in obtaining the proposed amendments that provide additional time to meet reporting obligations.

Under the bond indenture, a covenant breach will result if financial statements are not filed by March 31. S&P said Interpublic has demonstrated sufficient progress in addressing the possibility of a technical default, which diminishes the likelihood of an imminent downgrade.

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