Willis ratings ‘now not Affected’ by Gras Savoye Proposed Acquisition

general & negative’s ratings services stated that its ratings on Willis institution Holdings p.c

(BBB-/nice/–) “are not tormented by the organisation’s proposed acquisition of the final 70 percentage that it does no longer already personal of French-based totally coverage broking Gras Savoye for about €550 million [$587.5 million].

Willis expects the transaction to close someday between 12 months-give up 2015 and June 2016.

“We consider the proposed acquisition will increase Willis’ marketplace presence in France, in which Gras Savoye has a main function, whilst offering broader get admission to to the relaxation of Europe, in addition to inside the middle East and Africa,” S&P stated.

“We expect Willis may be able to preserve credit score metrics in line with its scores following the proposed acquisition and not using a material deterioration in economic leverage or earnings metrics. We maintain to assume the organization to keep to moderate its debt leverage thru regular earnings boom (which includes incremental income generation from Gras Savoye following the proposed acquisition), wholesome working coins float generation, and mild economic policies.”

S&P also stated its widespread caution that below its score policies, that “most effective a rating Committee can decide a credit score motion (which includes a credit score trade, affirmation or withdrawal, rating Outlook change, or CreditWatch motion). This remark and its situation count number have now not been the difficulty of score Committee motion and have to no longer be interpreted as a exchange to, or confirmation of, a credit score or score Outlook.