S&P ups Pacific Life to stable

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

The outlook also was revised to stable from negative.

The stable outlook reflects that the companies will maintain their collective strong competitive advantage in the U.S. individual life and individual annuity marketplace and strong capitalization, S&P said, adding that they will continue to grow their core earnings and maintain adequate risk controls around their primary pressure points.

Partially offsetting these strengths is the group's exposure to unfavorable equity market and interest rate swings, the agency said.

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