Fitch affirms Pacific Life

Fitch Ratings said it affirmed Pacific LifeCorp plc's and certain of its subsidiaries, including Pacific Life Insurance Co., which is Pacific Life's primary life insurance subsidiary.

The outlook is stable.

The affirmation follows a periodic review of the company's financial results, Fitch said.

The ratings reflect the company's diverse business profile, robust statutory capitalization, good liquidity and stabilizing operating and investment performance, the agency said.

Offsetting these positives is its increased leverage across the organization and expectations of lower earnings, which will pressure organic capital generation, Fitch added.

The ratings affirmed include Pacific LifeCorp's long-term issuer default rating at A-, $450 million 6% senior notes due 2020 at BBB+ and $600 million 6.6% senior notes due 2033 at BBB+.

Pacific Life Insurance's long-term issuer default rating was affirmed at A, insurer financial strength at A+, $150 million 7.9% surplus notes due 2023 at BBB+, $1 billion 9.25% surplus notes due 2039 at BBB+, short-term issuer default rating at F1 and commercial paper rating at F1.

Pacific Life Funding, LLC's funding agreement-backed note program was affirmed at A+. Pacific Life Global Funding's funding agreement-backed note program was affirmed at A+.

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