Fitch affirms Interpublic

Fitch Ratings said it affirmed Interpublic Group of Cos., Inc.'s issuer default rating at BBB, senior notes (including convertibles) at BBB, bank credit facility at BBB and cumulative convertible perpetual preferred stock at BB+. The outlook is stable.

The agency said Interpublic's ratings reflect its position in the industry as one of the largest global advertising holding companies, its diverse client base and its ample liquidity. Fitch expects Interpublic to continue to deliver competitive organic revenue growth and said the company is in a good position to continue to grow its EBITDA margins and reach competitive levels over the next few years.

The ratings also reflect Fitch's expectation that Interpublic will manage unadjusted gross leverage at a level below 2.5 times. The agency calculates the company's pro forma year-end unadjusted gross leverage at 1.9 times.

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