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Fitch rates Omnicom notes A-
Fitch Ratings said it assigned an A- rating to Omnicom Group Inc.'s $500 million proposed notes issuance.
Omnicom has A- issuer default and senior unsecured note ratings and F2 short-term issuer default rating.
The outlook is stable.
Proceeds will be used to be used to repay borrowing on the revolver.
Omnicom's ratings reflect its position as a leading global advertising agency holding company, scalable cost structure, continued net new business wins and historically stable credit profile, the agency said.
These strengths are balanced by the risk associated with the current cyclical declines in advertising expenditures, reductions in liquidity from expected puts of two of the company's convertible notes in the next year, exposure to key clients in the automotive sector and lack of tangible assets, Fitch said.
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