S&P: WuerttLeben notes BBB

Standard & Poor's said it assigned a BBB long-term issue rating to the proposed callable 30-year junior subordinated notes to be issued by Wuerttembergische Lebensversicherung AG (WuerttLeben).

WuerttLeben is an operating core entity of W&W Group.

The rating on the notes is two notches below the issuer credit rating on WuerttLeben, reflecting the standard notching for junior subordinated debt issues, S&P said.

The rating on the notes reflects that the proposed notes will be subordinated to debt held by senior creditors, the agency said.

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