AM Best Assigns Issue Credit Rating to Prudential Financial, Inc.’s New Senior Unsecured Notes
OLDWICK, N.J.--(BUSINESS WIRE)--Feb 25, 2019--AM Best has assigned a Long-Term Issue Credit Rating of “a-” to the newly issued senior unsecured notes of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE:PRU]. The $1 billion 4.35% 31-year notes were issued under PFI’s medium-term note program. The outlook assigned to the 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, which include refinancing upcoming debt maturities. While AM Best expects this issuance to have a modest short-term negative impact on PFI’s financial leverage and interest coverage ratios, both remain within AM Best’s guidelines for the organization’s current ratings. AM Best also notes that PFI currently maintains above-average levels of cash resources.
T his 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’sRecent Rating Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please viewUnderstanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please viewGuide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 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/20190225005767/en/
CONTACT: Edward Kohlberg
+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 INSURANCE
SOURCE: AM Best
Copyright Business Wire 2019.
PUB: 02/25/2019 11:55 AM/DISC: 02/25/2019 11:55 AM