Moody’s affirms WPP

Moody's Investors Service said it affirmed the Baa2 senior unsecured ratings of WPP plc's guaranteed subsidiaries.

The agency also affirmed the Prime-2 short term ratings of WPP's guaranteed subsidiaries.

The outlook remains negative.

“While WPP is making good progress in executing its restructuring plan and strategic priorities focused towards reviving organic revenue growth by 2020/21 and has plans to reduce leverage through the sale of Kantar and other non-core associates/investments, the negative outlook on the ratings reflects the weak credit metrics for the rating category, the execution risks associated with the successful delivery of the plan, and the structural pressures facing the industry,” Gunjan Dixit, Moody's vice president, senior credit officer and lead analyst for WPP, said in a news release.

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