Fitch affirms Aflac

Fitch Ratings said it affirmed the A- ratings on Aflac, Inc.'s senior notes and assigned an A- rating to two senior debt issuances.

The outlook is stable.

The action follows a periodic review of Aflac's financial results as well as the implication of the downgrade of Japan's sovereign rating to A+, according to the agency.

The affirmation reflects the company's strong and steady earnings, leverage ratios that are consistent with expectations for the rating category, strong balance sheet and high regulatory risk-based capital ratios, the agency said.

The ratings also incorporate the view that Aflac's GAAP basis shareholders' equity is comparatively highly exposed to interest rate risk as well as the impact of overall low economic growth in the company's key Japanese market, Fitch noted.

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