S&P rates Pacific LifeCorp notes A-

S&P said it assigned its A- senior unsecured debt rating to Pacific LifeCorp’s proposed 30-year senior notes issuance.

Pacific LifeCorp is expected to use the proceeds for general corporate purposes.

“This additional debt will result in a modest increase in the group’s financial leverage (including unfunded pension obligations, present value of operating leases and hybrids), but we expect it to remain less than 20% on a reported equity basis, which is in line with our expectations. We expect EBITDA fixed-charge coverage to remain above 5x,” S&P said in a press release.

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