Fitch affirms Protective Life ratings
NEW YORK --Fitch Ratings affirmed Protective Life Corp.'s ratings on Friday, citing the life insurance company's moderate financial leverage, good coverage and historically stable core earnings.
The ratings agency affirmed upper-medium grade ratings for the company's issuer default rating, $250 million in senior notes due 2013 and $150 million in senior notes due 2014.
It also affirmed lower-medium grade ratings for $103 million trust preferred issued through PLC Capital Trust III due 2031, $119 million trust preferred issued through PLC Capital IV due 2032, $103 million trust preferred issued through PLC Capital Trust V due 2034, and $200 million Class D Junior Subordinated notes due 2066.
High-grade quality ratings for subsidiaries Protective Life Insurance Co. and West Coast Life Insurance Co. were also affirmed.
Shares of Protective Life rose $1.22, or 2.7 percent, to close at $46.63 on the New York Stock Exchange. The stock has traded between $42.46 and $50.77 over the last 52 weeks.
