Moody's rates Protective notes A3

Moody's Investors Service said it assigned an A3 rating to Protective Life Corp.'s $150 million 6.4% senior notes due Jan. 15, 2018.

The outlook is stable.

Proceeds will be used to repay debt and for general corporate purposes.

Moody's said the rating is based on the company's strong position in the domestic life insurance business, diverse sources of revenue and earnings that generate consistent profitability, and multiple distribution channels that help with market segmentation.

According to the agency, key challenges include moderately high financial leverage at its holding company, execution and integration risks associated with the Chase Insurance Group acquisition and significant exposure to the institutional investment products business.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.