S&P Downgrades AON on Equity/Debt Announcement

Standard & Poor's Ratings Services said Friday that it placed its ratings on Aon Corp., including its single-'A'-minus counterparty credit rating, on CreditWatch with negative implications following the company's third-quarter earnings announcement, in which Aon said that it intends to raise $500 million of equity capital to shore up its balance sheet and up to $500 million in longer-term debt instruments to address short-term liquidity needs. Standard & Poor's had previously met with management to discuss these issues and is comfortable that upon completion of its capital-raising initiative...