S&P ups Willis outlook to stable

Standard & Poor's said it revised its outlook on Willis Group Holdings Ltd. to stable from negative.

At the same time, the agency said it affirmed its BBB- counterparty credit and senior unsecured debt ratings on Willis.

The agency said it also assigned its BBB- senior unsecured debt rating on Willis North America Inc.'s $250 million of 10-year senior notes, which are ultimately guaranteed by Willis Group Holdings.

The company expects to use the net proceeds to refinance its $250 million of 5.125% senior unsecured notes due in July 2010, the agency noted.

"The outlook revision primarily reflects its view that Willis has changed its strategy to encompass a more disciplined financial risk tolerance posture," said S&P credit analyst Tracy Dolin.

"We believe the company will choose to deleverage its balance sheet over repurchasing shares in the short to intermediate term."

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