Standard & Poor's Ratings Services lowered two ratings on New York-based Marsh & McLennan Companies, saying the company's insurance brokerage subsidiary Marsh has to improve earnings before the rating service can consider upgrading it again.
Yesterday, S&P said the counterparty credit rating on MMC would be lowered to "triple-B-minus" from "triple-B" and also lowered its short-term rating on MMC to "A-3" from "A-2." At the same time, S&P removed the ratings from credit watch with negative implications and added that the outlook is stable.
In a statement Steven Ader, S&P credit analyst, said the rating action reflected the many challenges MMC's Marsh faces over the next two years, exemplified in disappointing third quarter earnings.
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