S&P: Marsh & McLennan off watch

Standard & Poor's said it affirmed its BBB counterparty credit and senior unsecured debt ratings and A-2 commercial paper ratings on Marsh & McLennan Cos. and removed the ratings from CreditWatch where they had been placed Oct. 15, 2004. The outlook is negative.

S&P said the ratings were removed from CreditWatch because of recent favorable developments, including the nationwide structuring of settlement with the New York State attorney general and superintendent of the New York State Insurance, fourth-quarter 2004 results being consistent with expectations and the view that management is proactively addressing industry change through the implementation of a new business model.

The reduction in the common stock dividend and its positive effect on the company's compliance with the covenants on the $1.3 billion term loan facility and $1.7 billion revolving credit facility also support the rating action, S&P said.

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