A.M. Best Assigns Debt Rating to UnumProvident's New Senior Notes.

OLDWICK, N.J. -- A.M. Best Co. has assigned a debt rating of "bbb-" to the senior unsecured notes to be issued by UnumProvident Finance

Company, plc, a wholly-owned U.K. subsidiary of UnumProvident Corporation (UnumProvident) (NYSE: UNM) (Chattanooga, TN). UnumProvident will issue a 10-year, 6.85% $400 million note, of which the proceeds will be utilized as part of a repatriation dividend of up to $450 million during the fourth quarter 2005. The rating outlook is negative.

As part of the repatriation plan, UnumProvident Finance Company, plc, will issue a 10-year note in a private offering, which is fully and unconditionally guaranteed by UnumProvident and its U.K. holding company. The proceeds from the repatriation will be utilized to reduce its outstanding debt by the amount equal to the debt issuance during the first quarter of 2006 by participating in the remarketing of its mandatory convertible securities in February 2006. Consequently, A.M. Best anticipates UnumProvident will continue to reduce its debt-to-capital ratio in 2006, after a modest increase immediately following the offering.

UnumProvident's issuer credit, financial strength and existing debt ratings are unchanged by this debt issuance.

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