Moody's affirms Aon

Moody's Investors Service said it affirmed Aon Corp.'s senior unsecured debt rated at Baa2

senior unsecured debt at Baa2, subordinated debt at Baa3, commercial paper at prime-2, senior unsecured shelf at provisional Baa2, subordinated shelf at provisional Baa3 and preferred shelf at provisional Ba1, along with Aon Finance NS 1, ULC's backed senior unsecured debt at Baa2 and Aon Financial Services Luxembourg SA's backed senior unsecured debt at Baa2.

The agency also said it changed the outlook to negative from stable following news that Aon plans to acquire Hewitt Associates, Inc.

The proposed transaction would sharply expand Aon's capabilities in human resource consulting and outsourcing, Moody's said, and it would give the company a more balanced mix of insurance brokerage and consulting revenues.

Negative aspects of the transaction include the large amount of debt financing and the potential for business disruptions during the integration phase, the agency said.

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