Fitch affirms WPP

Fitch Ratings said it affirmed WPP Group plc's long-term issuer default rating and senior unsecured ratings at BBB, along with its senior unsecured debt issued by WPP Finance (United Kingdom) at BBB.

The outlook is negative.

The action follows WPP's interim results for 2009, which showed revenues, on an organic basis, down 8.3% for the half year and headline operating profit down 24%, Fitch said.

The agency said it sees a stabilization of the advertising market at a lower base, from which it may take a long time to recover, although it said it recognizes that visibility is very low and there is the potential for further deterioration.

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