Moody’s applies Baa2 to Publicis notes

Moody's Investors Service said it assigned a Baa2 rating to the €700 million senior unsecured notes due 2023 issued by Publicis Groupe SA.

The outlook is stable.

Proceeds will be used to repay part of the currently outstanding $1.6 billion bank loan which was put in place at the time of its acquisition of Sapient.

Moody’s said the Baa2 rating on the bonds reflects the fact that they constitute direct, general, unconditional, unsubordinated, and unsecured obligations of Publicis and rank pari passu and equally and rateably with all other unsecured and unsubordinated obligations, present and future, of Publicis.

Publicis' Baa2 rating reflects the company's strong industry position as one of a small group of globally operating marketing communications companies, the agency said. It reflects Moody's expectation that over the medium-term Publicis will continue to maintain its commitment to adhere to its clearly defined set of financial leverage targets (e.g., average net debt to EBITDA ratio at a maximum of 1.5 times).

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