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S&P assigns Aon North America, notes A-
S&P said it assigned A- ratings to Aon North America Inc. and its planned senior unsecured notes. The outlook is negative.
The issuer is an indirect wholly owned subsidiary of Aon plc, which the agency rates A-. It plans to sell up to $6 billion in debt primarily to fund the purchase of NFP Corp.
Aon North America will be the issuer of all the proposed debt. It is part of the obligor group and serves as a guarantor to all outstanding debt, along with Aon plc, Aon Global Holdings plc, Aon Global Ltd., and Aon Corp. “We consider Aon North America Inc. to be core to the Aon group,” S&P said in a statement.
Aon plans to use $5 billion for NFP and the rest to refinance its upcoming $600 million maturity in June and pay down a portion of its commercial paper.
“The negative outlook primarily reflects our expectation for credit-protection measures to be weaker than levels supporting the current rating for 12-24 months following the close of the expected NFP acquisition, as well as execution risk associated with the large transaction,” S&P said.
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