Moody’s assigns Baa2 to Aon notes

Moody's Investors Service said it assigned a Baa2 rating to a $400 million issuance of five-year senior unsecured notes by Aon plc (guaranteed senior unsecured debt Baa2).

The agency also assigned provisional ratings to Aon's new multi-purpose shelf registration.

The five-year notes are being issued off the shelf and will be guaranteed by Aon's main U.S. subsidiary, Aon Corp. (guaranteed senior unsecured debt Baa2).

Net proceeds will be used for general corporate purposes.

The outlook is stable.

"Aon generated 2% organic revenue growth for the first nine months of 2015, with positive contributions from retail brokerage, consulting and outsourcing, offset by a moderate decline in reinsurance brokerage," Bruce Ballentine, Moody's lead analyst for Aon, said in a news release.

"We expect the company to generate organic growth in the low single digits with steady EBITDA and net profit margins in the year ahead."

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