News Column

Fitch Publishes Unrated Issuer Report on Arthur J. Gallagher & Co.

July 11, 2014



NEW YORK--(BUSINESS WIRE)-- Fitch Ratings today published an Unrated Issuer Report (UIR) on Arthur J. Gallagher & Co. (AJG). UIRs provide analytical perspective and transparency on key issues that impact an organization's creditworthiness but without providing a credit rating or rating-like opinion.

The report highlights risks associated with AJG's recent acquisition activity and related increase in financial leverage, which Fitch considers the company's main credit issues. The report also includes a peer analysis. A summary of market-based indicators rounds out the UIR.

UIRs are not solicited by the issuer, and Fitch receives no compensation from the issuer for the provision of an UIR. While an UIR is typically based primarily on public information, Fitch analysts may ask questions of an issuer's management while preparing an UIR. The level of management participation, if any, can vary significantly from case to case.

Additional information is available at 'www.fitchratings.com'.

For more information on Unrated Issuer Reports please go to: http://www.fitchratings.com/web_content/product/unrated_reports.pdf.

Applicable Criteria and Related Research:

--'Arthur J. Gallagher & Co. Unrated Issuer Report' (July 2014);

--'2014 Outlook: U.S. Insurance Broker Industry (December 2013).

Applicable Criteria and Related Research: Arthur J. Gallagher & Co.

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750346

2014 Outlook: U.S. Insurance Broker Industry

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724482

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Greg Dickerson

Director

+1-212-908-0220

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Gretchen Roetzer

Director

+1-312-606-2327

or

Media Relations

Brian Bertsch, +1-212-908-0549

brian.bertsch@fitchratings.com


Source: Fitch Ratings


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