6 /PRNewswire-FirstCall/ -- Aflac Incorporated announced today that it is providing expanded detail on its holdings of perpetual debenture
securities at aflac.
At the end of 2008, 92% of the company's total perpetual debenture
securities were rated A or higher.
With no pronouncement forthcoming from the FASB, we continued to apply our debt impairment model to the perpetual debenture
investments as of December 31, 2008.
Fitch also assigned a 'BB-' rating to its Perpetual Debenture
issued by BRMALLS International Finance and fully guaranteed by BR MALLS.
Today's rating action reflects Fitch's heightened concerned related to potential impairments within Aflac's sizable financial institution perpetual debenture
9 billion invested in perpetual debenture
assets (mostly in financial institutions), which is a significant exposure relative to $6.
416% fixed/floating subordinated rate perpetual debentures
, callable in 2022
Based on the structure of IVL s perpetual debentures
, the debentures were rated A- by TRIS Rating, a local credit rating agency, while IVL has a company rating of A+.
Approximately 48% of outstanding Perpetual Debentures
exchanged into new senior secured notes maturing in 2019, resulting in a reduction of CEMEX's overall indebtedness (including Perpetual Debentures
) of approximately U.
277% Fixed-to-Floating Rate Callable Perpetual Debentures
who elected to receive such notes will be calculated at an exchange rate of U.
75% Notes due 2014 ("Eurobonds") and outstanding series of Perpetual Debentures
for new senior secured notes to be denominated in Dollars or in Euros.
479% fixed/floating subordinated rate perpetual debentures
, callable in 2017 -- to "bbb+" from "a" on EUR 1,275 million 5.