Protective Life Corp. Proposed Senior Notes Rated 'A-'

CENTENNIAL (S&P Global Ratings) Sept. 13, 2019--S&P Global Ratings said today that it has assigned its 'A-' debt rating to the proposed 10-year, fixed-rate senior notes to be issued by Protective Life Corp. (PLC). These proposed senior notes will rank senior in right of payment to PLC's future indebtedness that is expressly subordinated in right of payment to these notes. The proposed notes will also be structurally subordinated to policyholder liabilities at its subsidiaries.
PLC has indicated that it will use the proceeds from this issuance for general corporate purposes, including the repayment of maturity of its $400 million 7.35% senior notes due October 2019. We don't expect any negative impact on the company's financial leverage or fixed-charge coverage as a result of this issuance. As of June 30, 2019, PLC's financial leverage was about 21% (on reported equity) and 23% (on equity excluding accumulated other comprehensive income). We expect the company to keep its overall leverage below 25% and fixed-charge coverage around 6x–8x for 2019 and 2020.
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