French advertising company Publicis Groupe SA (PUB.FR) said late Thursday that it has a maximum EUR55 million exposure to General Motor Corp.'s (GMGMQ) bankruptcy filing.

Publicis said the EUR55 million estimate takes into account the principle of sequential liability, which obliges Publicis to pay media vendors on behalf of GM only after receiving payment from GM.

Earlier Thursday, Standard & Poor's Ratings Services put its credit ratings on Publicis on watch for downgrade, citing its exposure to the GM bankruptcy filing.

Publicis also said that it is continuing to work with GM to confirm the essential or assumed status of its agencies' agreements following the bankruptcy filing.

Company Web site: www.publicisgroupe.com

-By William Horobin, Dow Jones Newswires; +33 1 4017 1740; william.horobin@dowjones.com