Fitch raises Protective Life, debt

Fitch Ratings said it upgraded Protective Life Corp.'s issuer default rating to A- from BBB+ and its senior debt ratings to BBB+ from BBB.

At the same time, the agency upgraded Protective Life’s primary life insurance subsidiaries' insurer financial strength ratings to A+ from A.

Fitch also placed the ratings on Rating Watch Negative.

On Feb. 1, Protective Life was acquired by Japan-based Dai-ichi Life Insurance Co., Ltd. Protective Life’s ratings were upgraded and the Rating Watch was established to be aligned with the ratings and Rating Watch status of Dai-ichi Life based on Fitch's criteria.

Dai-ichi Life is the second largest life insurance company in Japan and ranks as one of the largest life insurers globally.

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