Fitch affirms Interpublic

Fitch Ratings said it affirmed the debt ratings of The Interpublic Group of Cos. Inc., including the senior unsecured debt at BB+, the multicurrency bank credit facility at BB+, and the convertible subordinated notes at BB-.

The outlook is stable.

Fitch said the rating reflects Interpublic's position as a leading global advertising holding company, with multi-agency networks and multiservice capabilities, its diverse client base with long-term relationships with key accounts, and the overall strengthened balance sheet resulting from asset sales and equity offerings in 2003.

These strengths are balanced by the continuing operating challenges the company faces as part of its corporate turnaround, the agency said.

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