Moody's rates Aflac shelf A2, A3

Moody's Investors Service said it assigned a provisional A2 senior debt rating and provisional A3 subordinated debt rating to Aflac, Inc.'s shelf registration that was filed on May 11.

The outlook is negative.

The agency said the ratings reflect Aflac's very strong franchise and market position in supplemental health insurance in both Japan and the United States, well-established niche distribution channels and robust and predictable earnings capacity, and its financial profile is further supported by moderate financial leverage and excellent capital adequacy.

The negative outlook reflects Moody's continued concerns about the performance of the company's investment portfolio - given its composition and high concentration - in the current harsh credit environment.

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