Moody's rates Willis' Trinity notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to $250 million of 10-year and $275 million of 30-year guaranteed senior unsecured notes being issued by Trinity Acquisition plc, a wholly owned subsidiary of Willis Group Holdings plc.

Moody's also assigned a provisional Baa3 guaranteed senior unsecured rating to Trinity under Willis' shelf registration.

Willis expects to use net proceeds, together with cash on hand, to purchase the outstanding notes of WNA that are tendered and accepted for payment under a recent tender offer.

The outlook for Willis is stable.

"The pending debt issuance and purchases will extend Willis's debt maturity profile," Bruce Ballentine, Moody's lead analyst for Willis, said in a news release "giving the company greater flexibility to address contingencies and/or opportunities over the next few years."

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