5b20a255__2010___The_Board_of_Directors__Potential_impact
[Issue] Changes to the Group’s debt issue ratings by the rating agencies Moody’s Investor Services and Standard and Poor’s Rating Service may affect the Group’s access to debt capital. [How it is managed] Active dialogue with the rating agencies to ensure they are fully apprised of any actions that may affect the Company’s debt ratings. The Company also seeks to manage its financial ratios and to pursue policies so as to maintain its investment grade ratings. [Potential impact] 
The Company’s long-term debt is currently rated Baa3 and BBB by the rating agencies respectively and the Company’s short-term debt obligations P3 and A2 respectively. If the Company’s financial performance and outlook materially deteriorate, a ratings downgrade could occur and the interest rates and fees payable on certain of the Company’s revolving credit facilities could be increased.
WPP Annual Report 2010 - The Board of Directors