Research Update: WPP Outlook Revised To Stable On Significant Strengthening In Credit Measures; Short-Term Rating Raised To 'A-2' Apr 11
- Language: English
- Published: April 2011
Leading global positions in advertising and communications services. Broad geographic, business, and client diversity. Large scale of operations, helping to develop and retain management and creative talent. Solid conversion of profits into discretionary cash flows. Significant debt increase post-TNS acquisition, coinciding with severe economic downturn. Cyclical nature of advertising markets. Clients' ability to switch to competitors or scale back spending on advertising and marketing at short notice. Reliance on maintaining a strong professional reputation through the quality and motivation of key personnel. The ratings on U.K.-based communications services group WPP PLC reflect its leading positions in advertising, market research, and public relations services, combined with broad geographic, business, and client diversification. The ratings are further supported by the group's solid...
Companies mentioned in this report are: WPP PLC,WPP 2008 Ltd.,WPP 2005 Ltd.,WPP Air 1 Ltd.,WPP Air 3 Ltd.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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WPP PLC,WPP 2008 Ltd.,WPP 2005 Ltd.,WPP Air 1 Ltd.,WPP Air 3 Ltd.