MONY Life Insurance Company -- Moody's downgrades MONY's IFS rating to A2 following closing of sale to Protective; stable outlook

New York, October 02, 2013 -- Moody's Investors Service today has lowered the Aa3 insurance financial strength (IFS) and A2(hyb) surplus note ratings of MONY Life Insurance Company (MONY) to A2 and Baa1(hyb), respectively. The rating action follows the announcement that a subsidiary of Protective Life Corporation (Protective; NYSE: PL; senior debt Baa2, stable) has completed a transaction by which it has purchased MONY and coinsured certain inforce business of its formerly wholly-owned subsidiary, MONY Life Insurance Company of America (MLOA), for approximately $1.06 billion from AXA Financial, Inc. (AXF; A2 senior debt, negative). (Please refer to the separate press release on MLOA dated October 2, 2013.) The outlook of MONY is stable, reflecting Protective's outlook. This concludes the review for downgrade of MONY that was initiated on April 11, 2013. The ratings of Protective and its lead insurance operating subsidiary, Protective Life Insurance Company (PLIC; IFS A2, stable), are unaffected.

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