Aug. 31 at 11:51 PM
Moody’s confirmed Aon’s Baa2 senior unsecured debt and Prime-2 commercial paper ratings after the company announced its planned
$17 billion cash acquisition of USI, but revised Aon’s outlook to stable from positive due to higher leverage and integration risks.
Aon will finance the deal with long-term debt and cash, with closing expected in 4Q26 pending regulatory approval. USI, the 10th-largest U.S. insurance broker, generated about
$3 billion in 2025 revenue and would strengthen Aon’s position in the U.S. middle market.
Moody’s expects Aon’s debt/EBITDA ratio to rise from 2.8x to above 4.5x at closing, before declining toward 3.5x within 12-18 months through EBITDA growth and debt reduction. Aon is not expected to resume share buybacks soon as it prioritizes deleveraging. Moody’s said the ratings remain supported by Aon’s profitable growth, acquisition track record, global scale and diversified operations.
$AON