S&P: Interpublic unchanged

Standard & Poor's said the ratings on Interpublic Group of Cos. Inc. remain unchanged following news of the company's amendment to its $1 billion revolving credit facility.

The company extended the maturity on the facility to December 2018 from May 2016, S&P said.

The rating on this debt remains at BB+ with a recovery rating of 3, indicating a meaningful recovery for lenders in a payment default.

The company's BB+ corporate credit rating incorporates IPG's position as the fourth largest ad agency holding company by revenue, with a broad business mix across advertising and marketing services disciplines and geographies, S&P said.

The advertising industry is somewhat cyclical, the agency said, and subject to clients switching to competitors or scaling back spending on short notice.

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