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S&P affirms Aon
Standard & Poor's said it affirmed Aon Corp.'s BBB+ counterparty credit rating.
The affirmation follows news that Aon plans to sign a definitive agreement to acquire Hewitt Associates Inc. for $4.9 billion. The transaction, which Aon intends to fund through 50% cash and 50% stock, is expected to close by mid-November 2010, subject to customary closing conditions and regulatory approval.
The outlook remains stable.
The agency said it believes the Hewitt acquisition will further bolster Aon's already strong global posture in the consulting area, S&P said.
The agency also said it believes it will broaden and complement its overall business risk and earnings profile and create long-term operational synergies for the enterprise, the agency said.
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