OCTOBER 08, 2019 01:36:01 Eastern Daylight Time

AM Best Assigns Issue Credit Rating to Protective Life Corporation’s Senior Unsecured Notes

 Louis Silvers
Senior Financial Analyst
+1 908 439 2200, ext. 5802

Rosemarie Mirabella
+1 908 439 2200, ext. 5892

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644


OLDWICK - OCTOBER 08, 2019 01:36:01 Eastern Daylight Time
AM Best has assigned a Long-Term Issue Credit Rating of “a-” to the $400 million 3.40% senior unsecured notes due Jan. 15, 2030, issued by Protective Life Corporation (Protective) (headquartered in Birmingham, AL). The outlook assigned to the Credit Rating (rating) is stable. The existing ratings of Protective are unchanged.

Following the senior unsecured notes issue, financial leverage and coverage measures will remain supportive of the assigned ratings. The issuer intends to use the net proceeds of the offering for general corporate purposes, including the repayment at maturity of $400 million aggregate principal amount of 7.375% senior unsecured notes on Oct. 15, 2019.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global rating agency and information provider with an exclusive focus on the insurance industry.

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AMB# Company Name
058085 Protective Life Corporation