Moody's rates Willis North America notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to $650 million of seven-year guaranteed senior unsecured notes being issued by Willis North America Inc., a wholly owned subsidiary of Willis Towers Watson plc.

The notes are being issued off Willis Towers' multi-purpose shelf registration, Moody's said, and will be supported by downstream guarantees from various holding companies within the group.

The proceeds will be used from the offering to pay down amounts outstanding under its revolving credit facility and for general corporate purposes, the agency said.

The outlook is stable.

The company reported strong results for the first quarter of 2017 with 5% organic growth in commissions and fees, along with improving profit margins, Moody's said.

All four operating segments contributed to the organic growth, the agency said.

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