Best’s News & Research Service - September 17, 2020 04:45 PM (EDT)
AM Best Assigns Issue Credit Rating to Pacific LifeCorp’s Senior Unsecured Notes
- September 17, 2020 04:45 PM (EDT)
Oldwick //BestWire// - 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.
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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.