S&PGlobal Ratings has raised its long-term counterparty credit and financial strengthratings on Pacific Life Group's core operating subsidiaries to AA- from A+.
S&Praised the counterparty credit and financial strength ratings of and PacificLife Reinsurance Co. II Ltd. to AA-. The financial strength ratings of , Pacific LifeRe (Australia) Pty. Ltd. and PacificLife Insurance Co. were raised to AA-.
S&Palso upgraded its issuer credit rating on holding company Pacific LifeCorp to A- from BBB+, and Aviation Capital Group Corp. to A- from BBB-.
The outlookon each of the ratings is stable.
The upgradereflects continued improvement of Pacific Life Group's enterprise risk managementprogram. S&P said the group's consolidated ERM is adequate with strong riskcontrols because the company continues to invest in its comprehensive capital modelingcapabilities and has improved its credit, equity and insurance risk controls comparedwith peers. S&P said the upgrade also takes into account improved transparencyin the company's consolidated capital earnings base.
The stableoutlook reflects the group's strong competitive position within the highly affluentlife and annuity market, diversification of the overall earnings base, extremelystrong capital generation, and sound balance sheet characteristics, S&P said.
S&P Global Ratings and S&PGlobal Market Intelligence are owned by S&P Global Inc.