S&P assigns BB+ to Interpublic notes

Standard & Poor's said it assigned Interpublic Group of Cos. Inc.'s proposed issuance of $350 million senior unsecured notes due 2024 a BB+ issue-level rating, with a recovery rating of 3, indicating an expectation for meaningful (50% to 70%) recovery for noteholders in the event of a payment default.

S&P expects the company to use proceeds to refinance the company's $350 million senior unsecured notes due 2014 and for general corporate purposes.

"Our BB+ corporate credit rating on IPG incorporates the company's position as the fourth largest (prior to the pending merger of Omnicom Group Inc. and Publicis Groupe SA) ad agency holding company by revenue, with a broad business mix across advertising and marketing services disciplines and geographies," S&P said in a news release.

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