Omnicom Outlook Lowered by S&P
On June 24, 2002, Standard & Poor's placed its ratings, including its single-'A' long-term and 'A-1' short-term corporate credit ratings, on Omnicom Group (OMC ) on CreditWatch with negative implications based on concerns relating to recently filed shareholder lawsuits and the Securities and Exchange Commission's request for information about two independent board members' departures and about the severing of its audit firm, Arthur Andersen LLP. The company has engaged a new audit firm and is taking other steps to help ameliorate concerns. Even so, these developments raise concerns that two convertible debt issues of $850 million and $900 million will be put to the company in February and July 2003, respectively.
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