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S&P ups Kroll convertibles
Standard & Poor's said it raised its issuer credit rating on Kroll Inc. to A+ from BB- and its rating on Kroll's $150 million 1.75% subordinated convertible note due Jan. 15, 2014 to A from B.
S&P also said that it removed these ratings from CreditWatch. The outlook is stable.
"The issuer credit rating on Kroll was raised in response to the closing of the acquisition of Kroll by Marsh & McLennan Cos. (A+/stable/--)," explained S&P credit analyst Steven Ader.
S&P said the rating on the convertible note was raised because of the ultimate convertibility of the note to Kroll shares; these shares are exchangeable for $37 a share from Marsh & McLennan, which is more than the principal amount of the note.
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