S&P cuts Marsh to BBB/A-2

Standard & Poor's said it lowered its counterparty credit and senior debt ratings on Marsh & McLennan Cos. Inc. to BBB/A-2 from BBB+/A-2. The ratings remain on CreditWatch negative.

The rating action reflects S&P's belief that Marsh & McLennan's cash flows for 2005 and, to a lesser extent, for 2006 will be lower than previously anticipated, due to S&P's belief that the net effect of expense reductions will take longer than previously anticipated.

S&P said its ratings continue to reflect its expectations of diminished cash flows from the termination of MSAs, a modest adverse impact to Marsh's business outlook and it assumes the successful restructuring of the outstanding credit facilities.

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