- Current report filing (8-K)
November 07 2008 - 5:27PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
November 7, 2008
Date of Report
(Date of earliest event reported)
Protective
Life Corporation
(Exact name of registrant as specified in its charter)
Delaware
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001-11339
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95-2492236
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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2801 Highway 280 South
Birmingham, Alabama 35223
(Address of principal executive offices and zip code)
(205) 268-1000
(Registrants telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (
see
General Instruction A.2. below):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CF 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Item 8.01 Other Events
On November 5, 2008, Moodys Investors Service announced the
following ratings downgrades:
Protective Life Corporation long-term issuer rating to Baa1 from A3;
senior unsecured debt to Baa1 from A3; senior unsecured shelf to (P)Baa1 from
(P)A3; subordinated shelf to (P)Baa2 from (P)Baa1; preferred shelf to (P)Baa3
from (P)Baa2; junior preferred shelf to (P)Baa3 from (P)Baa2; capital
securities to Baa3 from Baa2; Protective Life Insurance Company insurance
financial strength to A1 from Aa3; West Coast Life Insurance Company
insurance financial strength to A1 from Aa3; PLC Capital Trusts III-V trust
preferred to Baa2 from Baa1; PLC Capital Trusts VI-VIII trust preferred shelf
to (P)Baa2 from (P)Baa1; Protective Life Secured Trusts senior secured to A1
from Aa3; Protective Life U.S. Funding Trusts senior secured to A1 from Aa3;
Protective Life Insurance Company Premium Asset Trust Series 2003-10 to
A1 from Aa3; Protective Life Insurance Company Premium Asset Trust Series 2000-2
to A1 from Aa3.
Moodys said the outlook on all the ratings is stable, and that this
rating action concludes a review for possible downgrade that was begun on October 15,
2008.
Also on November 5, 2008, Fitch Ratings announced the following
ratings downgrades, with a negative outlook:
Protective Life Corporation Issuer Default Rating (IDR) to A- from A;
$10 million in senior notes due 2011 to BBB+ from A-; $250 million in senior
notes due 2013 to BBB+ from A-; $150 million in senior notes due 2014 to BBB+
from A-; $150 million in senior notes dues 2018 to BBB+ from A-; $103 million
trust preferred issued through PLC Capital Trust III due 2031 to BBB from BBB+;
$119 million trust preferred issued through PLC Capital IV due 2032 to BBB from
BBB+; $103 million trust preferred issued through PLC Capital Trust V due 2034
to BBB from BBB+; $200 million class D junior subordinated notes due 2066 to
BBB from BBB+. Protective Life Insurance
Company, Protective Life and Annuity Insurance Company and West Coast Life
Insurance Company Insurance Financial Strength (IFS) to A+ from AA-;
Protective Life Secured Trust Medium term notes to A+ from AA-.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
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PROTECTIVE
LIFE CORPORATION
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/s/Steven
G. Walker
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Steven
G. Walker
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Senior
Vice President, Controller
and Chief Accounting Officer
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Dated: November 7, 2008
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