S&P rates Aflac notes A-

S&P said it assigned its A- issue rating to Aflac Inc.'s issuance of yen-denominated senior notes. Aflac is selling ¥57 billion senior notes in various tenors and four tranches maturing 2025, 2030, 2032 and 2035. These notes will be unsecured and unsubordinated obligations of Aflac and will rank equal in right of payment with other such senior unsecured debt obligations.

“We expect the company will use the proceeds from this offering for general corporate purposes. After this issuance, we expect financial leverage to remain within our expectations of less than 25% and greater than 12x, respectively,” said S&P in a press release.

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