S&P rates Willow notes A+

Standard & Poor's said it assigned a preliminary A+ credit rating to a series of fixed-rate notes to be issued by Willow No. 2 (Ireland) plc.

The agency said the transaction is a repack transaction backed by a series of senior notes issued by Zurich Insurance Co. Ltd.

The key risk for the repack notes is the credit risk of the issuer. As such, S&P said it weak-linked its ratings on the repack notes to the ratings on the senior notes.

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