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Moody's cuts Protective Life
Moody's Investors Service said it downgraded Protective Life Corp.'s senior debt rating to Baa1 from A3.
The outlook is stable. This action concludes a review for downgrade that began on Oct. 15.
Moody's said the downgrades are driven by losses in Protective's investment portfolio combined with a weakening in the company's profitability and capital adequacy in light of challenging credit and economic environment.
Ratings reflect lack of dominance in market segments, relatively small capital base and broad disruption in the investment markets from ready access to new capital, the agency said.
Ratings reflect diverse revenue and earnings sources, high level of earnings deriving from the domestic life insurance business, multiple distribution channels, good liquidity profile and an established core competency in acquiring other companies and blocks of business, the agency noted.
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