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Fitch ups WPP
Fitch Ratings said it upgraded WPP plc's long-term issuer default rating to BBB+ from BBB.
The outlook is stable.
The ratings of the bonds issued by WPP Finance SA and WPP 2008 Ltd have also been upgraded to BBB+ from BBB.
The upgrade reflects the strong results WPP reported last week, its progress in deleveraging, which on a reported basis at 2.1 times is close to the 2.0 times target previously set for 2011, its diversified revenue mix and its strong business profile, the agency said.
The ratings are supported by WPP's size and position in growing emerging markets, the agency added.
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