CHICAGO - (Business Wire) Fitch Ratings has withdrawn its 'AA' rating on the Golden Gate Captive Insurance Company's (Golden Gate) $800,000,000 series A floating-rate surplus notes (the surplus notes) due 2037. The withdrawal follows notification from the issuer that all outstanding surplus notes held by third parties have been repurchased and cancelled. Golden Gate is a special purpose financial captive insurance company under the laws of the State of South Carolina. Golden Gate is an indirect, wholly-owned subsidiary of Protective Life Corporation (NYSE: PL) and was established for the limited purpose of issuing the surplus notes and entering into reinsurance agreements with various wholly-owned insurance subsidiaries of PL.
These rating actions reflect the application of Fitch's current criteria which is available at 'www.fitchratings.com' and specifically include the following reports:
--'Global Structured Finance Rating Criteria' (Sept. 30, 2009);
--'Insurance - Linked Securities: Ratings Criteria (Global)' (Feb. 4, 2008);
--'Life Insurance Reserve Financing (Ratings Criteria)' (July 8, 2008).
Additional information is available at 'www.fitchratings.com'.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
Fitch Ratings, Chicago
Donald F. Thorpe, CPA, CFA, 312-606-2353
Douglas L. Meyer, CFA, 312-368-2061 (Insurance)
Ruchira Dabas, 212-908-0244 (ABS), New York
or
Media Relations:
Brian Bertsch, 212-908-0549, New York
Email: brian.bertsch@fitchratings.com
