A.M. Best Assigns Debt Ratings to Aflac's New Debt Issue
September 21 2006 - 4:06PM
Business Wire
A.M. Best Co. has assigned debt ratings of "a" to Aflac,
Inc.'s.(Aflac) (NYSE: AFL) (Columbus, GA) new JPY15 billion 1.52%
fixed rate euro/yen bonds due 2011, JPY10 billion 2.26% fixed rate
euro/yen bonds due 2016 and JPY20 billion floating rate euro/yen
bonds due 2011. All three issues are registered in the Uridashi
market in Japan. The outlook for all ratings is stable. All other
ratings remain unchanged. These ratings reflect Aflac's favorable
capitalization, strong statutory and GAAP profitability, its
dominant position in Japan and its leading position in the United
States. Aflac continues to maintain a leading market position
within its product niches, primarily the supplemental health market
segment. The company has been able to successfully grow its surplus
position over the past several years despite its stock repurchase
program, the payment of stockholder dividends and its debt service
requirements. The recently issued debt will be used for general
corporate purposes, including the replacement of JPY40 billion
Samurai bond issue, which matured in June 2006. Immediately
following the issuance of the debt, Aflac's leverage will increase
somewhat; however, it presently maintains strong leverage and
coverage ratios, primarily reflecting the low cost of its
JPY-denominated debt issue in Japan. For Best's Debt Ratings, all
other Best's Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings. For current
Best's Ratings, independent data and analysis on more than 1,050
health companies and A.M. Best groups, please visit
www.ambest.com/health. A.M. Best Co., established in 1899, is the
world's oldest and most authoritative insurance rating and
information source. For more information, visit A.M. Best's Web
site at www.ambest.com.
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