Moody's gives Aflac notes A2

Moody's Investors Service said it has assigned an A2 (negative outlook) debt rating to the about $400 million of fixed-rate senior unsecured notes maturing in December 2039 to be issued by Aflac, Inc. (senior debt at A2; negative outlook).

The proceeds of the notes are expected to be used to repay Aflac's 0.71% Samurai notes coming due in July 2010 and for general corporate purposes, the agency said.

According to Moody's senior vice president, Scott Robinson, "Aflac's debt issuance is a prudent step in managing upcoming debt maturities. The negative outlook on Aflac continues to reflect its concerns about potential losses on the company's relatively concentrated investment portfolio in a downside scenario."

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