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S&P rates Aflac notes A-
S&P said it assigned an A- rating to Aflac Inc.'s ¥60 billion issue of 0.932% senior notes due 2027.
These notes will be unsecured and unsubordinated obligations of Aflac, S&P said, and will rank equal in right of payment with other such senior unsecured debt obligations.
The notes will be structurally subordinated to all existing and future obligations of Aflac's insurance subsidiaries, the agency noted.
The proceeds will be used to replenish the cash Aflac used in December 2016 to repurchase about $500 million of its 6.9% 2039 senior notes and 6.45% 2040 senior notes, S&P said.
Post this transaction, Aflac's financial leverage and fixed-charge coverage will remain within expectations, the agency added.
Pro forma financial leverage is expected to be about 26% and fixed-charge coverage will be nearly 15x, S&P said.
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