Fitch affirms Omnicom

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

The issuer default ratings of Omnicom Finance, Inc., Omnicom Finance, plc and Omnicom Capital, Inc. are affirmed at A-, along with their short-term issuer default ratings at F2 and commercial paper ratings at F2.

The outlook is stable.

The ratings reflect Omnicom's position as a leading global advertising agency holding company and its scalable cost structure, which can provide offset to cyclical revenue declines, Fitch said.

These strengths are balanced by the risk associated with the hyper-cyclical nature of 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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