Fitch affirms Marsh & McLennan

Fitch Ratings said it affirmed the BBB senior debt rating of Marsh & McLennan Cos., Inc., along with its issuer default rating at BBB, short-term issuer default rating at F2 and commercial paper rating at F2.

The company's $250 million of 6.25% senior debt due 2012 is rated BBB, along with its $250 million of 4.85% senior debt due 2013, $650 million of 5.375% senior debt due 2014, $750 million of 5.75% senior debt due 2015, $400 million of 9.25% senior debt due 2019 and $300 million of 5.875% senior debt due 2033.

The outlook is stable.

The affirmation follows an updated review of the company's financial performance, balance sheet strength, liquidity and debt servicing capabilities, Fitch said.

The ratings reflect the company's competitive position as one of the world's largest diversified services firms, with major operations in insurance brokerage and consulting, the agency said.

The ratings also reflect its strong financial flexibility, Fitch added.

Partially offsetting these favorable factors is the fact that the company's debt-to-EBITDA ratio of 2.3x remains at levels viewed as merely adequate for the current rating, the agency said.

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