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S&P: MDC Partners to negative
Standard & Poor's said it revised the outlook on MDC Partners Inc. to negative from stable.
The agency also said it affirmed the B+ corporate credit rating on the company, as well as the B+ rating on the company's senior unsecured debt.
The recovery rating also remains unchanged at 4, indicating 30% to 50% expected recovery in a default.
The outlook revision reflects a steeper EBITDA decline in the fourth quarter of 2011 than previously expected, S&P said.
MDC's business profile is considered fair, given the view of the strong creative reputation of its key agency, S&P said, and its growing digital capabilities.
The agency said it believes this despite the company's relatively small agency network, limited global presence and still high concentration of revenue and EBITDA from two key agencies.
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