Moody's may up Kroll

Moody's Investors Service said it has placed Kroll Inc. on review for possible upgrade following the announcement that Marsh & McLennan Cos. Inc. (senior debt at A2) has signed a definitive agreement to acquire Kroll Inc. for $1.9 billion in an all-cash transaction.

Ratings under review for possible upgrade include Kroll's $175 million 1.75% convertible subordinated notes due 2014, rated B2; senior implied rating of Ba3; and senior unsecured issuer rating of B1.

Moody's said its review of Kroll's ratings will focus on the impact that the transaction with Marsh & McLennan would have on Kroll's credit strength, stemming from either implicit or explicit support from Marsh and McLennan, including the potential for Marsh and McLennan to legally assume or guarantee Kroll's existing bank facility.

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