Concerns about the high debt levels Willis Group Holdings Ltd. will take on with its $2.1 billion purchase of Hilb Rogal & Hobbs insurance brokerage have led three rating firms to take negative actions against Willis.

Standard & Poor’s Ratings Services said its concerns about Willis Group Holdings Ltd.’s addition of more than $1 billion in debt has led it to lower Willis’ counterparty credit rating. S&P also said it lists the outlook on Willis as negative. The New York-based firm said it has dropped the counterparty rating to “triple-B-minus” from “triple-B.”

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