Dad’s furry creature is OK (8)

I believe the answer is:

passable

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'is ok' is the definition.
(I've seen this before)

'dad's furry creature' is the wordplay.
'dad's' becomes 'pa's' (both can mean one's father).
'furry creature' becomes 'sable' (I can't justify this - if you can you should believe this answer much more).
'pas'+'sable'='PASSABLE'

Can you help me to learn more?

(Other definitions for passable that I've seen before include "Fair" , "examinations should be!" , "All right" , "Merely satisfactory" , "Good enough to be acceptable" .)

I've seen this clue in The Times.

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