Standard & Poor's has voiced concerns over the "significant deterioration of the economic and advertising conditions worldwide", and revised its outlook on WPP Group and Publicis Groupe from "stable" to "negative".
The financial research company has questioned the 2 per cent figure that WPP has budgeted for negative growth, stating that the company will "suffer a greater revenue decline" than expected.
It has also warned that Maurice Levy's Publicis may be exposed due to its relationship with General Motors. Melvyn Cooke, an S&P credit analyst, said: "If GM files for Chapter 11, Publicis could face significant losses on its outstanding receivables."
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