S&P rates Pacific LifeCorp notes BBB+

Standard & Poor's said it affirmed the A+ financial strength and issuer credit ratings on Pacific Life Insurance Co., along with the BBB+ issuer credit ratings on Pacific LifeCorp.

The agency also said it affirmed the A+ financial strength and issuer credit ratings on Pacific Life.

S&P also said it assigned the BBB+ issue-level rating to Pacific LifeCorp's issuance of up to $500 million of senior notes.

The net effect of the $500 million issuance and of a $322 million tender offer will be a modest increase to the company's financial leverage, but it will effectively remain unchanged at about 8.5x, the agency said.

S&P said it expects Pacific Life to maintain its strong competitive advantage and capitalization and continue boosting its core earnings and maintaining adequate risk controls to deal with equity market volatility and dropping interest rates.

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