Fitch gives Arthur J. Gallagher notes BBB

Fitch Ratings said it gave a BBB rating to Arthur J. Gallagher & Co.’s new senior unsecured notes, which are being issued to finance the acquisition of assets from Willis Towers Watson plc.

Concurrently, Fitch affirmed AJG’s issuer and senior unsecured ratings at BBB.

“Fitch views the announced acquisition of WLTW's assets as neutral to AJG's rating. Fitch expects the deal to be financed via a combination of debt, equity and cash, with the projected pro forma leverage profile by YE 2021 to be relatively similar to YE 2020. Fitch expects AJG to remain acquisitive in the coming years and will likely rely upon a combination of debt, equity and strong internal CF generation to finance future deals,” the agency said in a press release.

The outlook is stable.

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