Fitch affirms Pacific Life

Fitch Ratings said it has affirmed Pacific Life Insurance Co.'s insurer financial strength rating of AA- and assigned an expected A- rating to the company's proposed surplus note issuance, which reflects wider notching from the insurer financial strength rating.

In addition, Fitch said it has affirmed Pacific LifeCorp's senior unsecured debt rating of A-.

The outlook remains negative.

Consistent with Fitch's insurance criteria, the increased notching between the surplus note and the insurer financial strength rating resulted from the expected relatively high ratio of surplus notes to pro forma total adjusted capital of 25% at March 31, adjusted for certain permitted practices.

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