Moody's upgrades Pacific Life

Moody's Investors Service said it upgraded the long-term senior unsecured debt ratings of Pacific LifeCorp, a subsidiary of Pacific Mutual Holding Co., to A3 from Baa1. The agency also boosted Pacific Life Insurance Co.’s surplus notes rating upgraded to A2 (hyb) from A3 (hyb).

“According to Moody's, Pacific Life and its insurance subsidiaries' ratings have been upgraded to reflect the company's strong market position, excellent statutory capitalization, ongoing risk management actions and a commitment to its mutual philosophy (i.e., focus on policyholder value). Pacific Life, through its insurance subsidiaries, holds a top tier market share in the sale of life insurance and a competitive position in the sale of annuities, both of which have been bolstered by product and distribution diversity,” the agency said in a press release.

Moody’s also changed the outlook to stable from positive.

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