Moody’s affirms Aon

Moody's Investors Service said it affirmed the Baa2 senior unsecured debt and P-2 commercial paper ratings of Aon plc following the company's announcement that it has agreed to combine with insurance broker Willis Towers Watson plc in an all-stock transaction that values Willis at about $30 billion based on closing share prices as of March 6.

Despite the significant execution and integration risk in merging two large organizations, Moody's said it maintained a stable outlook for Aon, expecting that the combined group will maintain credit metrics consistent with Aon's current levels.

The parties aim to complete the transaction in the first half of 2021, pending approvals from regulators and Aon and Willis shareholders.

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