Fitch rates Aflac notes A-

Fitch Ratings said it assigned an A- rating to the $550 million 2.4% senior unsecured notes and $450 million 3.25% senior unsecured notes issued by Aflac, Inc.

The ratings also were placed on Rating Watch negative.

The A- rating and negative watch are equivalent to the ratings on Aflac’s outstanding senior unsecured notes.

The proceeds will be used redeem all or a portion of its $850 million 8.5% senior notes due 2019.

The company intends to use proceeds for general corporate purposes.

Following the issuance, Aflac’s financial leverage ratio is expected to temporarily increase to 31.4% from 27.8% as of Dec. 31, Fitch said.

But the agency said it expects the company’s financial leverage ratio to return to previous levels following the debt redemption.

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