S&P affirms Aon

Standard & Poor's said it affirmed its BBB+/A-2 counterparty credit and financial strength ratings on Aon Corp. and removed them from CreditWatch, where they had been placed on Oct. 21.

The outlook is negative.

S&P said the removal from Watch status is in response to a settlement agreement resolving allegations of fraud and anticompetitive actions with the attorney generals of Connecticut, Illinois, and New York, the Illinois acting director of insurance and the New York State insurance superintendent. Under the agreement, Aon will be providing $190 million over a 30-month period for restitution to policyholders and is adopting a new business model designed to avoid conflicts of interests.

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