There might be some truth to the abdominal fat statement, but I think increased rib cage flexibility comes from specific stretching to stretch the intracostal muscles. Add to that purposeful abdominal breathing exercises, and about the only thing additional abdominal fat will do is increase drag to a certain extent.
definately right about all that.
The fat will make you moer buoyant too.
But keep in mind when stretching that there are several layers of muscles, the ones that you usually feel when you "work out" are the outer layers, and the inner layers (skeletal muscles/intracostal) are the ones that ACHE when you are tired, worn out, and did too much. So kind of get a mental idea of what you are trying to stretch. Puposeful breathing has also been proven to be a benefit, think about martial arts.