S&P’s raised its counterparty credit rating on Willis Group Holdings Ltd. (Willis) to “BB+” from “BB” due to the company’s continued debt reduction and improved operating fundamentals. It also said it raised related ratings and revised the outlook to stable from negative.
A S&P’s analyst noted positively Willis’ willingness to pay down debt ahead of schedule, its maintenance of good interest coverage, and its leveraging of a well- established global market presence. Cited as a negative was “the company’s increasing concentration in insurance brokerage operations, which increases the company’s exposure to the vagaries of the insurance underwriting cycle.”
The company has met and exceeded S&P’s expectations to date and is expected to continue to further decrease leverage given record net income of $68 million in the first quarter of 2002 versus $39 million as of first quarter 2001.
Was this article valuable?
Here are more articles you may enjoy.
State Farm Must Give Up Trade Secrets in Claims Lawsuits, but Under Court Review 
OpenAI Report Says Its Network Was Hacked by Its Own Rogue AI Agents 
A Landmark Supreme Court Ruling Is Upending How America Moves Its Goods 
How One Florida Gas Station Worker Allegedly Defrauded Progressive of $44,700 From This Issue
