S&P gives A to Aflac notes

Standard & Poor's said it assigned its A senior debt rating to Aflac Inc.'s roughly $750 million issue of senior unsecured notes maturing 2024.

The company will use the proceeds for general corporate purposes, including capital contributions to subsidiaries if needed.

The notes will rank equally in right of payment with all of Aflac's other unsecured and unsubordinated senior debt. Due to the structural subordination in the organizational structure, given that Aflac is the parent holding company, S&P said these notes will rank subordinate to all existing and future obligations (including insurance obligations) of Aflac's insurance operating subsidiaries.

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