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A.M. Best Co. has assigned a debt rating of “a-” to the newly issued $300 million 3.45 percent senior unsecured notes due 2015 and $450 million 6.45 percent senior unsecured notes due 2040 of Aflac Inc. (Aflac) (Columbus, GA) [NYSE: AFL]. The assigned outlook is stable.
Proceeds from the senior notes will be used to repay in full at maturity the 1.52 percent Uridashi notes and variable interest rate Uridashi notes, both due September 2011, to potentially repurchase common stock and for general corporate purposes. Aflac’s existing financial strength, issuer credit and debt ratings are unchanged.
The principal methodology used in determining these ratings is Best’s Credit Rating Methodology – Global Life & Non-life insurance Edition which provides an explanation of A.M. Best’s rating process and highlights the different rating criteria employed.
A.M. Best Company is a full-service credit rating organization serving the financial and health care service industries, including insurance companies, Banks, hospitals and health care system providers.
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