Marsh & McLennan Corp. was put on watch by a rating firm after it was reportedly preparing to sell its financial investment firm, Putnam, to a Canadian corporation.

In reaction to news of an upcoming sale of Putnam to Montreal-based Power Corp., Standard & Poor's rating service placed MMC–parent company of New York-based insurance broker Marsh–on credit watch with developing implications.

S&P said the move was made because the subsidiary provides significant earnings and income to MMC's bottom line. It noted that the sale would be applied to paying down debt, but how much debt would be paid was undetermined at this time.

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