Moody's rates Aflac debt A2

Moody's Investors Service said it assigned an A2 rating to the 10-year 8.5% senior unsecured notes to be issued by Aflac, Inc.

The outlook is negative.

Proceeds are expected to be used to repay inter-company borrowings from the company's principal life insurance subsidiary, American Family Life Assurance Co. of Columbus, and for general corporate purposes.

Moody's said that the A2 senior debt rating reflects Aflac's very strong franchise and market position in supplemental health insurance, well-established niche distribution channels, and robust and predictable earnings capacity.

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