Fitch Downgrades Transamerica Life Canada to 'A+'; Withdraws Ratings

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings downgraded the Insurer Financial Strength (IFS) rating of Transamerica Life Canada to 'A+' from 'AA-' and simultaneously withdrew the rating.

The rating action follows the July 31, 2015 announcement that Wilton Re Ltd. (Wilton Re) completed the acquisition of 100% of the common stock of Aegon Canada ULC (Aegon Canada), a wholly owned subsidiary of Aegon N.V.

Fitch is withdrawing the ratings for commercial reasons.

KEY RATING DRIVERS

Fitch views this transaction as in line with Wilton Re's strategy to acquire blocks of life insurance risks through acquisitions. As such, Fitch views Transamerica Life Canada as Core to Wilton Re and has downgraded the IFS rating on Transamerica Life to a level equivalent to the ratings on Wilton Re's other insurance subsidiaries.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria

Insurance Rating Methodology (pub. 14 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=868367

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=989006

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=989006

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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 MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150804006728/en/

Fitch Ratings
Primary Analyst
Tana M. Higman
Director
+1-312-368-3122
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
Douglas L. Meyer, CFA
Managing Director
+1-312-368-2061
or
Committee Chairperson
Martha M. Butler, CFA
Senior Director
+1-312-368-3191
or
Media Relations:
Alyssa Castelli, New York, +1 212-908-0540
Email: [email protected]

Source: Fitch Ratings

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