Summary: HUB International Ltd. May 11

Standard & Poors, May 2011

Abstract
The counterparty credit rating on HUB International Ltd. reflects the company's limited financial flexibility, which is a function of its highly leveraged capital structure; the pressure on organic revenue growth and profitability, stemming from soft pricing in the insurance market; and the execution risk related to its debt-funded acquisition strategy. Somewhat offsetting these weaknesses are HUB's success in enhancing its competitive position through its acquisition strategy, its good earnings diversification within the brokerage arena, and a consistent history of favorable operating results and margins relative to its peers'. On April 28, 2011, Standard & Poor's Ratings Services revised the outlook on HUB to stable from negative. We revised the outlook to stable because HUB met our performance and debt-servicing expectations,...

Companies mentioned in this report are: HUB International Ltd.
Action: Review

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HUB International Ltd.

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