The Freshfields investigation into Marsh & McLennan Companies' (MMC) UK business was on schedule to be delivered to the company on 30 November, according to sources

It is understood the company will release the conclusions of the investigation to clients and the media on 2 December.

MMC has also reached an agreement with its creditors to extend its credit to $2.7bn. Commentators said the move could potentially help the broker to come to a settlement for the complaints brought against it by New York attorney general Eliot Spitzer.

In light of the funding, rating agency Moody's said it would continue its review for the possible downgrade of the long-term and short-term credit ratings of MMC. Moody's added that the rating "could be lowered further as MMC's circumstances evolve in the short term".

Spitzer's probe into the US insurance industry hit the UK again last week with UK-listed insurer Alea announcing that it had received a subpoena from the New York attorney general. Its US subsidiary, Alea North America Insurance Company, has also been subpoenaed by US regulatory departments.