Pandas conditional creation of a series/dataframe column

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I have a dataframe along the lines of the below:

    Type       Set
1    A          Z
2    B          Z           
3    B          X
4    C          Y

I want to add another column to the dataframe (or generate a series) of the same length as the dataframe (equal number of records/rows) which sets a colour 'green' if Set == 'Z' and 'red' if Set equals anything else.

What’s the best way to do this?

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