S&P rates Aflac notes A-

Standard & Poor's said it assigned an A- rating to Aflac Inc.'s $400 million senior unsecured debt issue.

The rating reflects Aflac's (A-/negative) very strong franchise value, very strong earnings, extremely strong liquidity, and sizeable investment concentrations, the agency added.

S&P said it is concerned about Aflac's exposure to financial institution credits in its investment portfolio (nearly 40% of invested assets), the weakened credit quality this sector has experienced, and the resulting potential for economic investment losses and weakened statutory capitalization.

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