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Fitch rates Protective Life notes BB+
Fitch Ratings said it assigned a BB+ rating to Protective Life Corp.'s new issuance of $150 million in 6% hybrid debt.
The proceeds will be used to refinance the remainder of the company's outstanding trust preferreds, so this is not viewed as an increase in overall leverage, Fitch said.
The company's financial leverage ratio was 31% as of June 30, 2012 compared to 28% at the end of 2011, the agency said.
The increase was driven primarily by a reduction in equity due to the new accounting rules related to deferred acquisition costs. There was no increase in debt in the first half of 2012, S&P said.
The company has a BBB+ issuer default rating and A insurer financial strength rating.
The outlook is stable.
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