Willow No2 IRELAND PLC

EthiFinance Ratings ("La Agencia") has affirmed the rating of A-sf's to the class B notes (the "Class B Notes") issued by Willow No. 2 (Ireland) PLC in respect of its Series 87 EUR 56,300,000 Limited Recourse Secured Notes due 5 May 2023 (the "Notes"). Willow No. 2 (Ireland) PLC (the "Issuer"), is a public limited company constituted under Irish law on 17 July 2007 and operates as a "Special Purpose Vehicle" under the Irish Companies Act 2014.The Notes comprise two classes, Class A notes in an aggregate nominal amount of 18,700,000 euros (the "Class A Notes") and the Class B Notes in an aggregate nominal amount of 37,600,000 euros. The assets initially held by or on behalf of the Issuer in respect of the Notes comprise commercial paper due 5 May 2023 issued by Sacyr, S.A. in a nominal amount of EUR 56,300,300 (the "Sacyr Notes"), which are expected to be guaranteed by the Institute of Official Credit (ICO) for a principal amount of EUR 37,600,000.