S&P: Protective Life notes BBB

Standard & Poor's said it assigned a BBB subordinated debt rating to Protective Life Corp.'s issuance of $250 million notes due in 2042.

The proceeds will be used, along with cash on hand or its existing credit facility, to redeem a portion of its callable hybrid securities.

Because this is simply a replacement of the current hybrid securities at more favorable terms, S&P said it still views the current securities as hybrid securities and give them intermediate equity content treatment.

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