AM Best Assigns Indicative Issue Credit Ratings to Aflac Inc.’s New Shelf Registration
10 Settembre 2021 - 03:32PM
Business Wire
AM Best has assigned indicative Long-Term Issue Credit
Ratings (Long-Term IR) of “a-” (Excellent) to senior unsecured
issues and “bbb+” (Good) to subordinated issues of the recently
filed shelf registration of Aflac Incorporated (Aflac)
(headquartered in Columbus, GA) [NYSE: AFL]. The outlook of the
Credit Ratings (ratings) is positive. Concurrently, AM Best has
withdrawn the ratings on the previous shelf registration. All other
ratings of Aflac and its insurance subsidiaries are unchanged.
The positive outlook is a reflection of the Long-Term Issuer
Credit Rating outlook of positive on Aflac’s life/health
subsidiaries, recently assessed by AM Best on June 16, 2021 (see
related press release). More specifically, the positive outlook is
attributed to Aflac’s continued refinement of its risk management
practices to ensure its capital preservation and operational
performance in its primary markets of Japan and the United States
during the prolonged period of the COVID-19 pandemic that has
affected each market’s population. Aflac issues debt
opportunistically when market conditions are favorable and its debt
maturities are well-laddered. Aflac’s next debt maturity is in
2024. Unadjusted financial leverage, as calculated by AM Best, was
at 24.0% and earnings before income and taxes (EBIT) interest
coverage at approximately 22 times earnings through June 30,
2021.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent Rating
Activity web page. For additional information regarding the use and
limitations of Credit Rating opinions, please view Guide to Best’s
Credit Ratings. For information on the proper use of Best’s Credit
Ratings, Best’s Preliminary Credit Assessments and AM Best press
releases, please view Guide to Proper Use of Best’s Ratings &
Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
Copyright © 2021 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Wayne Kaminski Senior Financial Analyst +1 908
439 2200, ext. 5061 wayne.kaminski@ambest.com
Doniella Pliss Director +1 908 439 2200, ext.
5104 doniella.pliss@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy Director, Communications +1 908 439
2200, ext. 5644 james.peavy@ambest.com
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