Moody's rates Aflac notes A3

Moody's Investors Service said it assigned an A3 debt rating to the $750 million of fixed-rate senior unsecured notes due in two tranches, 2017 and 2022, to be issued by Aflac, Inc.

The company has a senior debt rating of A3.

The outlook is stable.

The proceeds are expected to be used to repay Aflac's 1.87% Samurai notes due June 2012 and for general corporate purposes, including potential capital contributions to subsidiaries.

The notes are a drawdown from a shelf registration filed in May 2009.

Although the refinancing of the June 2012 debt maturity with the proceeds of the issuance eliminates near-term refinancing risks, Moody's said the incremental debt increases Aflac's adjusted financial leverage modestly to about 24%.

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