S&P affirms Pacific Life; outlook negative

Standard & Poor's said it affirmed its A+ financial strength rating on Pacific Life Insurance Co., Pacific Life & Annuity Co. and Pacific Life Re Ltd. and its BBB+ long-term counterparty credit rating on Pacific LifeCorp.

The agency said it revised the outlook on the ratings to negative from stable.

"The counterparty credit rating on PLC and the insurer financial strength ratings on Pacific Life reflect the organization's strong competitive position in the U.S. individual life and individual annuity marketplace, strong capital strength, and stable liquidity," said S&P credit analyst Carmi Margalit in a news release.

S&P said the negative outlook reflects increasing concern about the consolidated strength and sensitivity of Pacific Life's prospective earnings in light of ongoing unfavorable market conditions, including equity market volatility and decreasing interest rates.

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