Moody’s rates Willis North America notes Baa3

Moody's Investors Service said it assigned Baa3 ratings to the $600 million of 10-year and $400 million of 30-year guaranteed senior unsecured notes being issued by Willis North America Inc., a wholly owned subsidiary of Willis Towers Watson plc.

Willis Towers expects to use net proceeds from the offering to prepay in full a $128 million term loan due in 2019, and to repay about $862 million under its revolving credit facility.

The outlook is stable.

The group's ratings reflect its global market presence, its diversification across clients, products and regions, and its improving profit margins, Moody's said.

Tempering these strengths are pro forma financial leverage and interest coverage metrics that are weak for the company's rating category, the agency said.

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