Fitch to give BBB+ to Aon notes

Fitch Ratings said it expects to assign a BBB+ rating to Aon plc's proposed senior unsecured notes issuance due 2025.

The agency affirmed all of Aon's ratings on Nov. 13, including the issuer default rating and senior debt ratings at BBB+.

The outlook is stable.

The new notes are fully and unconditionally guaranteed by Aon Corp. and the ratings are therefore based on Aon Corp.'s existing Fitch BBB+ issuer default rating.

Net proceeds from this new issuance will be used for general corporate purposes which the agency anticipates may include the future refinancing of maturing debt, share repurchases and mergers and acquisitions.

Fitch said it views the proposed debt favorably as the new senior debt will likely be issued at an attractive rate given current market conditions and will have a relatively long-dated maturity, resulting in an improved liquidity profile with reduced near-term refinancing risk.

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