S&P rates Aflac notes BBB

Standard & Poor's said it assigned a BBB rating to Aflac Inc.'s $500 million issue of junior subordinated debentures due in 2052.

Aflac has an A- counterparty credit rating and negative outlook.

The proceeds will be used for general corporate purposes.

With this issue, Aflac's financial leverage will be about 25%, S&P said, and fixed-charge coverage will remain around 20x, which supports the current ratings.

The negative outlook parallels the negative outlook on Japan, the agency said.

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