2009-06-26 00:54:02 -

Fitch Ratings has assigned a 'BBB+' rating to Torchmark Corp.'s (TMK) new $300 million, 10-year senior debt issuance. The Rating Outlook is Negative.

Fitch views the debt issuance as a positive action. The debt issuance will partially be used to retire $100 million of maturing Aug. 15, 2009 debt and for general corporate purposes. Equity-credit adjusted leverage was 21% at March

31, 2009 and is expected to be less than 25% on a pro forma basis after the issuance, which is within Fitch expectations.

Fitch recognizes the strong earnings profile of TMK's insurance subsidiaries. Operating earnings from these subsidiaries, along with the recent suspension of TMK's share repurchase program and this issuance, will help build up statutory total adjusted capital (TAC) in TMK's insurance subsidiaries. However, the possibility of increased investment impairments in 2009 and 2010 is expected to negatively affect TAC, which is reflected in Fitch's current ratings and Negative Outlook.

TMK reported $13.2 billion in assets and $2 billion in shareholders equity on March 31, 2009.

Fitch assigns the following ratings, with a Negative Outlook.

Torchmark Corporation


--Senior debt;

--9.25% senior debentures due 2019 at 'BBB+'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com : .

Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.



Fitch Ratings, ChicagoBruce Cox, +1-312-606-2316Manish
Patel, +1-312-368-3188Media Relations:Cindy Stoller,
+1-212-908-0526 (New York) cindy.stoller@fitchratings.com : mailto:cindy.stoller@fitchratings.com