A.M. Best Assigns Issue Credit Rating to Prudential Financial, Inc.’s Junior Subordinated Notes
OLDWICK, N.J.--(BUSINESS WIRE)--Sep 18, 2018--A.M. Best has assigned a Long-Term Issue Credit Rating of “bbb” to the newly issued $1 billion 5.7% junior subordinated notes due 2048 of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU]. The outlook assigned to this Credit Rating (rating) is stable. The existing ratings of PFI and its subsidiaries are unchanged.
The proceeds from this debt issuance are expected to be used for general corporate purposes. While this issuance is expected to have a modest short-term negative impact on PFI’s financial leverage and interest coverage ratios, both remain within A.M. Best’s guidelines for the organization’s current ratings. A.M. Best also notes that PFI currently maintains above-average levels of liquidity.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180918005790/en/
CONTACT: A.M. Best
+1 908 439 2200, ext. 5664
+1 908 439 2200, ext. 5359
Manager, Public Relations
+1 908 439 2200, ext. 5159
Director, Public Relations
+1 908 439 2200, ext. 5644
KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE INSURANCE
SOURCE: A.M. Best
Copyright Business Wire 2018.
PUB: 09/18/2018 11:33 AM/DISC: 09/18/2018 11:33 AM