With that action, Fitch changed Omnicom's rating outlook to stable from negative.

The rating outlook was upgraded to stable, Fitch said, because of expectations that "cash-flow leverage will improve somewhat from current levels."

The agency also characterized the rating outlook for Mazda as negative.

The rating outlook was qualified as stable.

S.& P. said Delta's rating outlook was stable, however.

S. & P. also downgraded the town's rating outlook from stable to negative.

Two analysts at Fitch, who helped make the decision to raise the rating outlook, agreed with Mr. Russell's assessment.

The rating outlook was upgraded to stable, Fitch said, because of new-business wins and lower operating costs.

In May 2009, standard and poor cut its rating outlook for the UK to negative.

It continues to maintain a negative rating outlook on IBM because of its business uncertainties and the question over ultimate success of restructuring.