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Aflac Inc. $750 Million Senior Unsecured Debt Issue Rated 'A-' Feb 12
Standard & Poors, Feb 2012
Abstract
NEW YORK (Standard & Poor's) Feb. 8, 2012--Standard & Poor's Ratings Services said today that it assigned its 'A-' senior unsecured debt rating to Aflac Inc.'s $750 million issue of senior unsecured debt consisting of $400 million due in 2017 and $350 million due in 2022. Aflac will use proceeds from the issue to prefund approximately $350 million of Samurai notes coming due in June 2012, for possible capital contributions to insurance subsidiaries, and for general corporate purposes. As of Dec. 31, 2011, we estimate that Aflac's financial leverage (including pension and lease obligations) was approximately 24%. With this issue, leverage will temporarily increase to around 27%, and we expect it to fall back to less than 25% by year-end...
Companies mentioned in this report are: Aflac Inc.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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