Standard & Poor's Ratings Services affirmed the debt ratings on Chicago-based insurance broker Aon Corp. and removed the firm from credit watch, saying it was satisfied the Aon deal to buy Benfield would work.
The New York-based rating service today affirmed the "triple-B-plus" counterparty credit and senior unsecured debt ratings on Aon. At the same time, S&P removed the ratings from credit watch, where it was placed with negative implications on Aug. 22. The outlook is stable.
S&P said it placed the ratings on credit watch following Aon's announcement that it signed a definitive agreement to acquire unrated, U.K.-domiciled reinsurance broker Benfield Group Ltd. for a total purchase price (including net debt) of approximately ?935 million ($1.75 billion) through a cash offer.
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