Fitch Affirms Protective Life Corp. & Subsidiaries; Outlook Revised to Stable

Fitch has affirmed the following ratings and revised the Rating Outlook to Stable from Negative:

Protective Life Corporation

--IDR at 'BBB+';

--$10 million in medium-term notes due 2011 at 'BBB';

--$250 million in senior notes due 2013 at 'BBB';

--$150 million in senior notes due 2014 at 'BBB';

--$150 million in senior notes due 2018 at 'BBB';

--$400 million of 7.38% senior notes due 2019 at 'BBB';

--$300 million of 8.45% senior notes due 2039 at 'BBB';

--$100 million of 8.00% senior retail notes due 2024 at 'BBB';

--$103 million trust preferred issued through PLC Capital Trust III due 2031 at 'BB+';

--$119 million trust preferred issued through PLC Capital IV due 2032 at 'BB+';

--$103 million trust preferred issued through PLC Capital Trust V due 2034 at 'BB+';

--$200 million class D junior subordinated notes due 2066 at 'BB+'.

Protective Life Insurance Company

Protective Life and Annuity Insurance Company

West Coast Life Insurance Company

--IFS at 'A'.

Protective Life Secured Trust

--Notes at 'A';

--Medium-term notes at 'A'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Insurance Rating Methodology' (Aug. 16, 2010);

--'Life Insurance Rating Criteria' (March 24, 2010).

Applicable Criteria and Related Research:

Insurance Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547766

Life Insurance Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=506285

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Fitch Ratings, New York
Brian Bertsch, +1-212-908-0549
brian.bertsch@fitchratings.com
or
Primary Analyst:
Donald F. Thorpe, CPA, CFA, +1-312-606-2353
Senior Director
Fitch, Inc.
70 W. Madison Street,
Chicago, IL 60602
or
Secondary Analyst:
Cynthia Crosson, +1-212-908-0863
Director
or
Committee Chairperson:
Julie A. Burke, +1-312-368-3158
Managing Director

Source: Fitch Ratings