Fitch rates Pacific Life notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Pacific LifeCorp's $450 million 6% senior notes due 2020.

The outlook is stable.

The agency estimates that Pacific Life's pro forma equity-adjusted financial leverage ratio has increased to 28% from 24% as of Sept. 30. Based on the company's increased financial leverage and Fitch's reduced earnings expectations, the agency expects GAAP EBIT-to-interest coverage ratios to decline to the 5 to 6 times range over the near term, which is lower than historical levels.

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