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Fitch affirms Willis; outlook up to stable
Fitch Ratings said it affirmed its ratings on Willis North America Inc., Willis Group Holdings plc and Trinity Acquisition Ltd. and revised the outlook for these entities to stable from negative.
The stable outlook reflects that since acquiring Hilb Rogal & Hobbs Co. in late 2008, Willis has lowered its debt-to-EBITDA ratio, which spiked to 4.6 times on a reported basis as of year-end 2008, to 2.8x in 2009, the agency said.
According to Fitch, management has said publicly that the company plans to bring this ratio below 2.5x before it considers more actively repurchasing its common stock.
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