Credit ratings assessor Standard & Poor’s has removed Interpublic Group from its list of firms under immediate threat of financial difficulties.

The agency giant escaped from S&P’s Credit Watch list after concluding a sale of $700 million (€652m; £442m) in 20-year convertible bonds, which it will use to buy back $582.5m of debt.

However, S&P continues to rate IPG’s long-term prospects as ‘negative’ and its bonds as ‘junk’.

Data sourced from: New York Times; additional content by WARC staff