New York, August 7 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service has assigned a Baa1 rating to Omnicon Group Inc (NYSE: OMC). The outlook on the ratings has been stable.
In a research note published yesterday, the analysts mention that Moody’s expects that Omnicon would utilize the bulk of the proceeds for general corporate purposes, which might include working capital expenditures, fixed asset expenditures, acquisitions, refinancing or other debt, repurchases of the common stock or other capital transactions.
The stable outlook on the ratings indicates Moody’s expectation for modest global economic growth and view that OMC would maintain a good liquidity position to cover potential cash needs and manage through fluctuations in client spending.
The stable outlook also includes in Moody’s assumptions that OMC would utilize its free cash flow to utilize in order to pursue acquisitions and repurchase stock and will maintain debt to EBITDA in 3.0x-3.5x range with some improvement in leverage over the balance of 2012 as earnings would grow, the analysts say.
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