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Moody's rates Omnicom notes Baa1
Moody's Investors Service said it assigned a Baa1 rating to Omnicom Group, Inc.'s proposed senior unsecured notes due 2020 and a provisional Baa1 on its senior unsecured shelf. Proceeds from the offering will be used for general corporate purposes.
The outlook remains stable.
The agency said it anticipates Omnicom will utilize the bulk of the proceeds for general corporate purposes, which could include working capital expenditures, fixed asset expenditures, acquisitions, refinancing of other debt, repurchases of common stock or other capital transactions.
Moody's said it believes the company is managing its liquidity position aggressively by allowing the June 2011 maturity of the $2.5 billion revolver to fall below one year.
However, the proposed offering is liquidity-enhancing in the near term as the agency said it expects the proceeds will be deployed over time.
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