Fitch Withdraws 'AA' Rating on Golden Gate Captive Ins Co's $800MM Notes Following Repurchase

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Fitch Ratings has withdrawn its 'AA' rating on the Golden Gate Captive Insurance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

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