S&P cuts Omnicom to BBB+

Standard & Poor's said it lowered the corporate credit rating on Omnicom Group Inc. to BBB+ from A- and affirmed its A-2 short-term ratings. The agency also said it assigned a BBB+ rating on the company's proposed senior unsecured notes.

The outlook is stable.

The downgrade reflects an expectation that lease- and pension-adjusted leverage will remain well above the 2x threshold at the previous rating level on an ongoing basis, S&P said.

The BBB+ rating is more appropriate given the company's tolerance for higher leverage and its shareholder return and acquisition strategies, the agency said.

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