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Rating agencies set a negative outlook while leaving Marsh & McLennan’s credit rating unchanged after news of its $3.9 billion sale of Putnam to Great-West Lifeco Inc. of Canada, but still questioned the company’s future earnings.

Moody’s Investors Service, Standard & Poor’s and Fitch Ratings affirmed their rating of the New York-based professional service firm, the parent company of insurance broker Marsh. All three placed a negative outlook on the firm.

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