Moody's rates Protective Life notes Baa2

Moody's Investors Service said it assigned a Baa2 senior debt rating to Protective Life Corp.'s issuance of $100 million of senior notes due 2024.

The outlook is negative.

According to Moody's, the company intends to use the $100 million of proceeds, combined with the $700 million of senior notes that were rated on Oct. 6, 2009, to purchase newly issued surplus notes from Golden Gate Captive Insurance Co., a South Carolina captive reinsurer. The proceeds from the issuance of the surplus notes, in turn, are expected to be used by Golden Gate to repurchase its outstanding surplus notes from third parties.

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