S&P rates Guardian Life Global notes AA+

Standard & Poor's said it assigned its AA+ issue credit rating to Guardian Life Global Funding's (GLGF) $500 million series 2016-1 2 % fixed-rate notes due in 2021.

The rating is based on the agency’s issuer credit rating and financial strength rating on Guardian Life Insurance Co. of America (GLIA), the funding agreement provider. The funding agreement priority opinion indicates that funding agreements would rank pari passu with the claims of GLIA's policyholders.

S&P said it would expect any changes in either rating to have a similar impact on its rating on the notes. GLIA's obligations will be secured by a first-priority perfected security interest in favor of the indenture trustee, Citibank NA, in the related series funding agreement.

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