Moody's could lift Protective Life

Moody's Investors Service said it placed the debt ratings of Protective Life Corp. (senior debt at Baa2) on review for upgrade and affirmed the A2 insurance financial strength ratings and debt ratings (stable outlook) of its operating companies including Protective Life Insurance Co. (PLIC), its primary operating subsidiary.

This action follows the announcement by Dai-ichi Life Insurance Co. (insurance financial strength rating at A1, stable) of its proposed acquisition of all the outstanding stock of Protective for $5.7 billion of cash in a transaction expected to close by early January 2015, subject to regulatory and shareholder approvals.

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