Moody's assigns HMSC loans B1, B3

Moody's Investors Service said it assigned a B1 corporate family rating to HMSC Corp., the new holding company for Swett & Crawford, the wholesale insurance brokerage operation formerly owned by Aon Corporation.

Moody's said it also assigned B1 ratings to HMSC's first-lien credit facilities, a term loan and a revolving credit facility, as well as a B3 rating to the company's second-lien term loan.

The outlook is stable.

Moody's said the ratings reflect Swett & Crawford's strong position in the wholesale brokerage market, its expertise in various specialty business lines and its steady profit margins.

These strengths are tempered by the broker's lack of operating history as stand-alone entity and by the considerable financial leverage at the new holding company, Moody's said.

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