A.M. Best Assigns Issuer Credit Rating to Protective Life Global Funding

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has assigned an issuer credit rating of “aa-” to Protective Life Global Funding. The outlook assigned is stable. All other ratings of Protective Life Corporation (Protective) (headquartered in Birmingham, AL), a subsidiary of The Dai-ichi Life Insurance Company, Limited (DL) (Tokyo, Japan), and its subsidiaries remain unchanged.

Protective Life Global Funding is a new statutory trust organized in Delaware created to issue senior secured medium-term notes collateralized by funding agreements issued to it by Protective Life Insurance Company (Protective Life). There will be no guarantees from Protective, Protective Life or any of their respective subsidiaries or affiliates. Under the global funding program, notes can be issued in the United States or foreign capital markets, with the maximum aggregate principle amount permitted to be $5 billion outstanding at any one time (or equivalent in one or more foreign currencies). Protective Life will self-hedge any currency risk, thus eliminating any foreign currency exchange risk, by issuing the funding agreement that backs the note in whichever currency the notes are denominated in. The senior secured medium-term notes will be issued in series. Each series of notes will have its own terms including, without limitations, its own final maturity, interest rate and issue date.

Protective Life is the largest subsidiary of Protective and provides financial services in the United States through the production, distribution and administration of insurance and investment products. Products include life, fixed and variable annuities, asset protection and stable value products.

This press release relates to rating(s) that have been published on A.M. 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 visit A.M. Best’s Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

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A.M. Best
Tom Zitelli, 908-439-2200 ext. 5412
Senior Financial Analyst
[email protected]
Christopher Sharkey, 908-439-2200 ext. 5159
Manager, Public Relations
[email protected]
Rosemarie Mirabella, 908-439-2200 ext. 5892
Assistant Vice President
[email protected]
Jim Peavy, 908-439-2200 ext. 5644
Assistant Vice President, Public Relations
[email protected]

Source: A.M. Best

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