S&P changes WPP view to negative

S&P said it revised its outlook on WPP plc to negative from stable.

At the same time, the agency affirmed the BBB/A-2 long- and short-term issuer credit ratings and the BBB issue rating on the group's senior unsecured debt.

“The outlook revision indicates that we consider that WPP's business profile and its medium-term growth prospects have weakened,” S&P said in a news release.

“Despite its efforts to reduce debt, we think the group may be unable to sustainably reduce its adjusted leverage to below 3.0x, in line with our current threshold for the BBB rating.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.