Standard & Poor’s has placed The Interpublic Group of Cos. Inc., on its CreditWatch list. The announcement came the day after Interpublic said it would delay releasing its second-quarter earnings.
Interpublic, an advertising and marketing services consortium, consists of McCann-Erickson WorldGroup, The Partnership, FCB Group and Advanced Marketing Services. Interpublic generated $6.7 billion in revenue during 2001.
On Monday, Interpublic said the audit committee of its board of directors would postpone its regular meeting one week, until Aug. 12. The company will announce its second-quarter results after market closes on Aug. 13.
Standard & Poor’s said its decision to place Interpublic on CreditWatch stemmed from the decision to delay the results. Interpublic’s long-term credit rating is triple B-plus, and its short-term rating is A-2.
“The CreditWatch listing reflects some uncertainty regarding the company’s level of earnings and its ability to deliver results in line with expectations amid a somewhat depressed advertising environment,” said Alyse Michaelson, a credit analyst at Standard & Poor’s.
Interpublic’s stock price fell substantially in the two days following the announcements. It opened Monday morning at 19.55 and closed Tuesday afternoon at 13.40.
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