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Fitch lowers Protective Life
Fitch Ratings said it downgraded the issuer default rating of Protective Life Corp. to A- from A and its senior debt ratings to BBB+ from A- and its trust preferred ratings to BBB from BBB+.
The outlook is negative.
Fitch said the action reflects its view that the risk-based capital level of the company's primary life insurance subsidiaries has deteriorated in 2008 and will continue to be pressured due to investment losses and reserve strain associated with the company's term life insurance business.
The ongoing turmoil in the credit markets has limited financial flexibility and put pressure on the company's ability to access funding to improve its capital position, the agency noted.
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