Fitch Ratings Affs Rtg On Jackson National Life Funding, LLC.Business Editors CHICAGO/LONDON--(BUSINESS WIRE)--March 27, 2002 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the 'AA+' rating on Jackson National Life Jackson National Life Insurance is a U.S. life assurance company that is a subsidiary of the UK based insurer, Prudential Plc. Founded in 1961, Jackson is headquartered in Lansing, Michigan, and has over a thousand employees in the region. Funding, LLC's secured notes program. The notes are secured by funding agreements Funding Agreement Illiquid insurance contracts that provide guaranteed principal repayment and interest payments for a predetermined period of time. Notes: Funding agreements are marketed to mutual fund companies and municipal reinvestments. issued by Jackson National Life Insurance Company (Jackson National Life), which carries a 'AA+' insurer financial strength rating from Fitch fitch: see polecat. . The rating action affects approximately $4.4 billion of outstanding notes. The Rating Outlook is Stable. The rating reflects the credit quality of the underlying funding agreement, and includes a review of the legal structure of Jackson National Life Funding, the funding agreement, and the notes. Based on that review, Fitch has concluded that the structure in place allows the noteholders to have a secured interest in the funding agreement and allows Fitch to 'pass-through' the rating on Jackson National Life to these notes. Payment of principal and interest on the notes are sourced from cashflows from the funding agreements issued by Jackson National. The funding agreements are structured such that the timing and the amount of the payments will enable Jackson National Life Funding to make payments on the notes. Jackson National Life Funding is a limited-liability company incorporated under the laws of the Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. . The company was established for the sole purpose of issuing debt instruments secured by funding agreements issued by Jackson National Life. Entity/Issue/Type Action Rating/Outlook Jackson National Life Funding, LLC --Medium-term notes Affirm 'AA+'/Stable. |
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