S&P rates Pacific Life Global Funding II notes AA-

S&P said it assigned an AA- debt rating to Pacific Life Global Funding II’s proposed issuance of five-year notes. PLGF II is a statutory trust formed in Delaware, and its primary assets will be the funding agreements issued by Pacific Life Insurance Co.

The notes are backed by a Pacific Life Insurance-issued funding agreement held by the trust and have payment terms that are equivalent to those of the funding agreement, S&P said.

“The funding agreement is ranked pari passu with policyholder obligations and, therefore, our ratings on the notes reflect PLIC’s financial strength,” S&P said in a press release.

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