Fitch affirms Aon

Fitch Ratings said it affirmed Aon Corp.'s issuer default rating at BBB+; $225 million of 7.375% senior debt due Dec. 14, 2012, $600 million of 3.5% senior debt due Sept. 30, 2015, $600 million of 5% senior debt due Sept. 30, 2020 and $300 million of 6.25% senior debt due Sept. 30, 2040 at BBB+; $687 million of 8.205% junior subordinated deferrable interest debentures due Jan. 1, 2027 at BBB-; and commercial paper rating at F2.

The outlook is stable.

The affirmation reflects Aon's strong balance sheet and cash flow generation, very good financial flexibility and the belief that Aon's financial leverage will remain within a reasonable range, Fitch said.

The ratings also consider pressures on earnings by ongoing restructuring expenses, a soft insurance pricing cycle and the global economic downturn, Fitch said.

As of Sept. 30, the debt-to-EBITDA ratio was 2.8 times.

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