Fitch lowers Aon

Fitch Ratings said it downgraded the long-term issuer rating and related senior debt ratings of Aon Corp. to BBB+ from A-.

Fitch has affirmed the A- insurer financial strength rating of Aon's primary life/health insurance subsidiary, Combined Insurance Co. of America. Aon's commercial paper rating is affirmed at F2. The outlook is negative.

The rating actions follow Friday's announced civil lawsuit and subsequent settlement between Aon and the New York attorney general related to allegations of conflicts of interest associated with contingent commission arrangements and business "steering" within Aon's reinsurance brokerage unit. Also included in the agreement is a settlement with attorney generals in Illinois and Connecticut.

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