TEXT - Fitch rates Pacific LifeCorp senior debt offering

Thu Jan 17, 2013 2:44pm EST

Jan 17 - Fitch Ratings has assigned a 'BBB+' rating to Pacific LifeCorp's
(PLC) $500 million 5.125% senior notes issuance due Jan. 30, 2043. 

The new issue rating is equivalent to the ratings on PLC's existing senior debt.
The net proceeds will be used to fund the company's previously announced cash 
tender offer to purchase $323 million of Pacific Life Insurance Company's 9.25% 
surplus notes due 2039. 

At Sept. 30, 2012, PLC's financial leverage was approximately 22% and GAAP 
earnings-based interest coverage was approximately 8x. Pro forma financial 
leverage increases to approximately 23%. 

On Oct. 11, 2012, Fitch affirmed all of its ratings for PLC and PLC's 
subsidiaries with a Stable Outlook. 

Fitch currently rates the PLC entities as follows: 

Pacific LifeCorp 
--Long-term Issuer Default Rating (IDR) 'A-';
--$450 million 6% senior notes due 2020 'BBB+';
--$600 million 6.6% senior notes due 2033 'BBB+'. 

Pacific Life Insurance Company 
--Long-term IDR at 'A';
--Insurer Financial Strength (IFS) 'A+';
--$150 million 7.9% surplus notes due 2023 'BBB+';
--$677 million 9.25% surplus notes due 2039 'BBB+';
--Short-term IDR 'F1';
--Commercial paper 'F1'. 

Pacific Life & Annuity Company
--IFS 'A+'. 

Pacific Life Re Limited
--IFS 'A+'.

Pacific Life Funding, LLC
--Funding agreement-backed note program 'A+'. 

Pacific Life Global Funding
--Funding agreement-backed note program 'A+'.
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