Now that Marsh has agreed to pay an $US850 million settlement for its role in bid rigging it can get back to business – but it won’t be all plain sailing for the international brokerage.

The company’s share price rose for the first time last week – it lost about half its market value after New York Attorney-General Eliot Spitzer launched a prosecution over alleged illegal dealings – but credit ratings agencies say Marsh isn’t out of the woods just yet.

Several agencies have commented that the group will benefit from paying the settlement off in four years rather than in a lump sum, but it may still suffer from civil lawsuits by clients who believe they were overcharged.

The settlement also covered New York only, and other states might soon take legal action.

Investment analysts at Morgan Stanley say Marsh might face up to another $2 billion in costs if other states do act.

The ratings agencies are still treading carefully when it comes to the health of the brokerage. Moody’s Investors Service says it is continuing its review of Marsh with an eye to a downgrade. Fitch Ratings removed the company from “rating watch negative” but kept a negative outlook.

But new Marsh President and CEO Michael Cherkasky is much more positive about the settlement. He says it will make the firm the leader in the industry when it comes to disclosure.

Marsh has sent clients a letter of apology for the actions of a few of its employees but has made no official admission of guilt.