Moody's assigns Protective Life notes Baa2

Moody's Investors Service said it has assigned a Baa2 senior debt rating to Protective Life Corp.'s issuance of $700 million of senior notes.

The rating agency said it also affirmed Protective's credit ratings and the A2 insurance financial strength rating of Protective Life Insurance Co., the lead operating company.

The outlook remains negative.

According to Moody's, Protective expects to issue $700 million of senior notes, with $400 million of 10-year and $300 million of 30-year maturities.

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