Fitch rates Omnicom notes A-

Fitch Ratings said it assigned an A- rating to Omnicom Group Inc.'s $750 million proposed notes issuance. Proceeds will be used for general corporate purposes.

Omnicom Group has an issuer default rating of A-, senior unsecured notes of A-, bank credit facility of A- and short-term issuer default rating of F2. Omnicom Finance, Inc., Omnicom Finance, plc and Omnicom Capital, Inc. have issuer default ratings of A-, short-term issuer default ratings of F2 and commercial paper ratings of F2.

The outlook is stable.

The ratings reflect Omnicom's position as a leading global advertising agency holding company, its scalable cost structure, which can provide offset to cyclical revenue declines, its continued net new business wins, its strong cash flow generating capability 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, the negative impact of reductions in media buying activity on working capital flows and the lack of tangible assets, the agency said.

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