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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 17, 2020 04:44 PM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a” to the $750 million 3.35% senior unsecured notes due Sept. 15, 2050 that were recently issued by Pacific LifeCorp (Wilmington, DE). The outlook assigned to the Credit Rating (rating) is stable. The existing ratings of Pacific LifeCorp and its subsidiaries are unchanged.
Pacific LifeCorp intends to use the proceeds for general corporate purposes, and to strengthen financial flexibility. AM Best notes that financial leverage and interest coverage metrics are expected to remain at appropriate levels.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.