Moody’s maintains Protective Life review

Moody's Investors Service said it is continuing its review for upgrade of the credit ratings of Protective Life Corp. (senior debt at Baa2) that was first announced on June 4 following the announcement by Dai-ichi Life Insurance Co. (insurance financial strength at A1, stable outlook) of its proposed acquisition of all the outstanding stock of Protective for $5.7 billion of cash in a transaction expected to close on or about Feb.1 2015.

In addition, PLC Capital Trusts III, IV, V, VI, VII and VIII, which are statutory business trusts established by the company solely for the purpose of raising financing for Protective, remain on review for upgrade.

"The continuation of the review for upgrade of Protective's holding company ratings is driven by our expectation that the transaction is on track to close by February 1, 2015. Upon closing of the acquisition, Moody's will likely upgrade Protective's senior debt rating to Baa1 from Baa2, and its affiliated ratings by one notch," Moody's senior vice president Scott Robinson said in a news release.

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