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Fitch rates Willis notes BBB
Fitch Ratings said it assigned a BBB rating to Willis North America Inc.'s $600 million senior note offering due 2017. The rating is the same as the ratings for the company's existing senior debt. Fitch said it also revised the outlook to stable from positive and affirmed existing ratings, including Willis North America's issuer default rating at BBB, $250 million 5.125% senior notes due July 15, 2010 at BBB, $350 million 5.625% senior notes due July 15, 2015 at BBB and Willis Group Holdings, Ltd.'s issuer default rating at BBB.
Fitch said proceeds will be used for general corporate purposes, repayment of outstanding borrowings under the revolving credit facility and to repurchase common stock.
The outlook change reflects moderately increased uncertainty following this significant change to Willis North America's capital structure, the agency said. Fitch estimated that its debt-to-capital ratio following these planned transactions will increase from 35% at the end of 2006.
Fitch also said it expects Willis North America's debt-to-EBITDA ratio, which was 1.3 times in 2006, to be impacted negatively by this transaction in 2007. But the agency said that the company's key credit fundamentals will remain within adequate ranges for existing ratings.
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