Moody's changes Willis's rating outlook to negative from stable
The ratings agency said the move reflects broker's relatively high financial leverage.
Moody's has affirmed the Baa3 senior unsecured debt rating of Willis Group Holdings, together with its subsidiaries Willis, but changed its rating outlook to negative from stable.
The ratings agency said its action follows Willis's announcement of a firm offer to acquire the remaining 70% of the French insurance broker Gras Savoye that it doesn't currently own for €550m (£393.6m) including the repayment of third-party debt.
Network
The proposed acquisition would expand Willis's global network
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