The global insurance brokerage industry is doing pretty well these days, all things considered. But a report from Moody's Investor Service rates the outlook for just two brokers as "positive," with the other nine earning only a "stable" label. And Moody's appears less than enthusiastic about the amount of leverage on the books of several privately held brokers.

Moody's took a peek at the world's largest brokers to determine if they were returning to health following the trauma many suffered during the recession. The public brokers are deleveraging "gradually," said Ben Goldberg, Moody's Analyst and co-author of the report. But several smaller private ones "took on substantial new debt to help fund leveraged buyouts in 2012-13," he noted.

The ratings ranged from Baa2 for Aon and Marsh & McLennan to B3 for the leverage addicts. Only Aon and Marsh McLennan scored "positive" outlooks. Median rating for the public brokers (the third was Willis Group) was Baa2, while the 10 private brokers had a somewhat mediocre B3 median rating.