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Fitch affirms WPP Group's BBB, positive view
Fitch Ratings said it affirmed UK-based WPP Group plc's senior unsecured rating at BBB with a positive outlook.
WPP's other subsidiaries, WPP Finance (UK), WPP Finance (USA) Corporation, WPP Group US Finance Corp. and WPP Finance Co. Ltd. also are affirmed at senior unsecured BBB with a positive outlook.
The rating reflects WPP's strong first-half results, which saw revenue increasing by 6% and an improvement in headline operating margin up at 12.1% from 11.3%, Fitch said.
It also takes into account initial indications that the 10.5% operating margin target for Grey Global, which was acquired in March 2005, are likely to be achieved. Fitch said it views the Grey acquisition as a good strategic fit.
The positive outlook remains supported by strong market growth forecasts, particularly in Brazil, Russia, India and China, Fitch said.
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