S&P affirms Aflac

Standard & Poor's said that it affirmed the A- counterparty credit rating on Aflac Inc. and the AA- counterparty credit and financial strength ratings on Aflac's insurance companies.

The outlooks remain negative.

The affirmations reflect Aflac's very strong competitive position and very strong operating performance, S&P said. Although Aflac's investment portfolio is generally of high credit quality, it does contain some large investment concentrations.

The ratings consider the company's history of generating very strong earnings and cash flows as well as Aflac's significant holdings of Japanese national government bonds and the importance of the Japan segment to the company, the agency said.

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