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S&P: DoubleClick on watch
Standard & Poor's said it placed its B corporate credit rating and B- subordinated debt rating on DoubleClick Inc. on CreditWatch negative following the company's announcement that it has retained Lazard Freres & Co. to explore strategic options, including a sale of part or all of its businesses, recapitalization, extraordinary dividend, share repurchase or a spin-off.
S&P said the CreditWatch listing is based on concerns that an extraordinary dividend or share repurchase could significantly erode DoubleClick's liquidity and business unit(s) sale could reduce revenue diversity.
While online advertising volume has increased over the past several quarters from the lows of 2001 and 2002, S&P said pricing on DoubleClick's ad serving service has been constrained by competition and stronger client leverage, postponing meaningful improvement in credit measures.
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