Ratings agency Standard & Poor’s on Friday removed the millstone of its ‘Credit Watch’ grading from around the neck of the world’s third largest agency holding company, Omnicom Group.

This is the first time since June 24 last year that Omnicom has been free of this impediment – and is the second such move made last week by S&P, which accorded the same treatment to larger rival Interpublic Group.

In the case of Omnicom, however, the Lord Giveth and the Lord Taketh Away. Having removed the ‘Credit Watch’ headstall with its right hand, S&P downgraded Omnicom’s long term debt rating from A1 to A2 with the left, attributing the move to “increased concerns about the economy”.

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