The World: New York - Standard & Poor's downgrades IPG credit rating

Standard & Poor's Ratings Services has downgraded Interpublic Group's corporate credit rating.

The company reduced IPG's rating from positive to stable after taking into account IPG's revenue stream, cash flow, and that Michael Roth, the group's chairman, has postponed upgrade potential until an economic recovery begins to materialise.

Alyse Michaelson Kelly, an S&P analyst, said: "This recognises the declines in IPG's core business and Standard & Poor's reduced confidence in IPG's prospects for cash-flow generation."

The news comes one month after S&P placed Omnicom on "creditwatch with negative implications".