Aflac rating downgraded, stock drops

Aflac shares fell more than 6 percent in afternoon trading Friday after Fitch Ratings downgraded the Columbus-based supplemental insurer.

They later rebounded but still ended down for the day, losing 19 cents or 1.39 percent to close at $13.44 per share, Friday.Fitch downgraded Aflac’s default rating to “A+” from “AA-“.

The company’s senior debt rating was cut to “A” from “A+” and the Insurer Financial Strength ratings of Aflac’s insurance operating subsidiaries are downgraded to “AA-” from “AA.”

Fitch said the action reflects its “heightened concern related to potential impairments within Aflac’s sizable financial institution perpetual debenture asset portfolio.”

— Péralte C. Paul