S&P rates Willis notes BBB-

Standard & Poor's said it assigned a BBB- rating to Willis Group Holdings plc's recently priced senior unsecured debt issue.

The agency also said it affirmed its BBB- counterparty credit rating.

The outlook remains stable.

The proceeds will be used to redeem $500 million 12.875% senior notes maturing in 2016 and for general corporate purposes.

The debt issue will comprise two tranches, one with a five-year maturity and one with a 10-year maturity, S&P said, and will be a drawdown under the company's existing shelf.

The reduced interest costs and the mandatory pay down of principal under the term loan over the next few years partially offset the impact of the net increase in debt, the agency said.

Therefore, the new debt issuance is seen as neutral to the rating, S&P added.

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