Moody's has downgraded the outlook on the senior debt rating of Willis to negative from stable.
The change was prompted by the uncertainties facing Willis since New York attorney general Eliot Spitzer announced his investigation into contingent commission practices at Marsh & McLennan, said Moody's.
It said despite the pro-active decision by Willis to suspend the use of contingent commissions, the short term financial impact of the suspension was unknown.
Willis has disclosed that market arrangement fees received from insurance carriers are expected to total about $160m in 2004 with $80m of those fees being volume and profit contingent commissions.
