Fitch: Pacific Life surplus notes A-

Fitch Ratings said it assigned an A- rating to Pacific Life Insurance Co.’s proposed issuance of surplus notes.

The agency also affirmed the ratings of Pacific LifeCorp and certain of its subsidiaries, including Pacific Life Insurance.

The outlook is stable.

The rating for the new offering is equivalent to the rating on Pacific Life Insurance’s existing surplus notes.

Fitch said the A- rating assigned to the surplus note reflects its standard notching from the company's A+ insurer financial strength (IFS) rating and considers the subordination of the surplus notes relative to policyholder obligations.

The notes are rated one notch below Pacific Life Insurance’s long-term issuer default rating, reflecting one notch for Fitch's assumption of "below average" recovery prospects in the event of default and zero notches tied to its "minimal" non-performance risk.

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