S&P says outlook for Publicis negative

S&P said the outlook for Publicis Groupe SA is negative after the company acquired Epsilon.

In April, the agency put the French advertising firm on CreditWatch negative after it reported a proposed acquisition of Epsilon for nearly $4.4 billion. Publicis was removed from CreditWatch.

S&P said the debt-financed acquisition along with flat earnings will probably lead to weaker credit metrics than a BBB+ rated company should have.

The agency reaffirmed Publicis’ BBB+/A2 rating and BBB+ ratings on the company’s debt.

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