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A.M. Best Co. has assigned a debt rating of “bbb+” to the 30-year $150 million 6.0% subordinated debentures recently issued by
Protective Life Corporation (Protective) (headquartered in Birmingham, AL) (NYSE: PL). The rating outlook is stable. All other ratings of Protective and its subsidiaries are unchanged.
The new securities are unsecured, subordinated and junior in right of payment to all of Protective’s existing and future senior indebtedness. Additionally, the debentures may be redeemed in whole or in part on or after August 15, 2017, and interest payments may be deferred up to five years. As such, A.M. Best has afforded the new debentures some equity credit in the calculation of Protective’s financial leverage.