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S&P rates Omnicom notes BBB+
Standard & Poor's said its BBB+ issue-level rating on Omnicom Group Inc.'s 3.625% senior unsecured notes due 2022 is unchanged following the company's announcement that it will try to add to the existing notes.
The long-term corporate credit rating on Omnicom is BBB+ and the outlook is stable.
As of June 30, Omnicom's debt to EBITDA was 2.6x. Following the proposed add-on, the agency said it expects fully adjusted leverage to remain modestly below its 3x leverage threshold for the company at a BBB+ rating.
Over the longer term, the agency said it expects fully adjusted debt to EBITDA to remain in the mid- to high-2x area, despite EBITDA growth.
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