Fitch revises Aflac to stable

Fitch Ratings said it affirmed Aflac Inc.'s primary life insurance subsidiaries' insurer financial strength ratings at A+ and revised the outlook to stable from negative.

The agency affirmed Aflac's issuer default rating at A and senior debt ratings at A-.

The outlook is stable.

These actions follow Fitch's April 27 affirmation of Japan's long-term issuer default rating at A and the revision of its outlook to stable.

The agency said it views Aflac's ratings as partially constrained by the sovereign rating for Japan and does not envision Aflac's ratings at levels more than one notch higher than the Japanese sovereign. The constraint reflects Aflac's exposure to the Japanese economy. Aflac Japan comprises more than two-thirds of Aflac's assets, capital and profitability.

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