Fitch affirms Omnicom

Fitch Ratings said it affirmed Omnicom Group Inc.'s long- and short-term issuer default ratings, as well as its senior unsecured notes at A-, bank credit facility at A- and short-term issuer default rating at F2.

The agency also affirmed its Omnicom Capital, Inc.'s issuer default rating at A-, short-term issuer default rating at F2 and commercial paper at F2.

The outlook is stable.

The ratings reflect the company's position as a leading global advertising agency holding company, its scalable cost structure, continued net new business wins and its historically stable credit profile, Fitch said.

These strengths are balanced by the risk associated with a "double dip" recession resulting in further declines in advertising expenditures and the negative impact of reductions in media buying activity on working capital flows, the agency said.

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