Moody's Investors Service downgraded the debt ratings of Willis Group Holdings Ltd. yesterday after the insurance brokerage firm announced the completion of its deal to acquire Hilb, Rogal and Hobbs. The outlook for the ratings is negative.
The downgrade reflects the view that Willis financial flexibility has declined as a result of the firm's reliance on debt to help fund the acquisition, Moody's said.
There is also a concern with integration risk, impact of the property-casualty soft market, the weak economy and the current turmoil in credit markets, the New York-based rating agency explained.
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