Fitch gives Guardian Life notes AA-

Fitch Ratings said it assigned an AA- rating to Guardian Life Insurance Co. of America's new offering of $450 million 4.875% surplus notes due 2064.

Existing ratings assigned to Guardian and its affiliates were unaffected.

The outlook is stable.

Fitch said the ratings are equivalent to the ratings assigned to Guardian's existing surplus notes and reflect standard notching based on the agency’s criteria.

Surplus notes are subordinate in right of payment to both policyholder and senior debt obligations of the insurance company. Consistent with current outstanding surplus notes, interest and principal payments on new surplus notes are subject to prior approval by the New York State Insurance Department.

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