Fitch affirms Dai-ichi Mutual Life

Fitch Ratings said it affirmed Dai-ichi Mutual Life Insurance Co.'s insurer financial Strength rating at A-, long-term foreign-currency issuer default rating at BBB+ and the long-term rating on its subordinated debt at BBB.

The outlook has been revised to stable from negative.

The action reflects the expectation of financial flexibility generated through Dai-ichi Life's planned initial public offering slated for April, which allows it to use the public equity market in order to strengthen its capital base in the future, Fitch said.

Fitch also noted that the company's capital position has been recovering since the end of March 2009, when it was weakened due to the turmoil in the financial markets.

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