S&P gives Protective Life notes A

Standard & Poor's said it assigned its A rating to Protective Life Corp.'s (A/stable) $150 million senior unsecured notes issuance.

Protective intends to use the proceeds to pay down outstanding bank debt and will contribute the remainder to its operating companies, the agency said, noting that it expects that Protective's pro forma adjusted debt to capital will increase marginally to a modest 15.7%.

The capital adequacy ratio, as measured by S&P's model, will be more than 175% for all periods.

The agency added that Protective has a very strong and diversified business profile, with a solid position in the individual life, annuity, stable value and service contract markets.

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