Moody's drops Prudential

Moody's Investors Service said it downgraded the long-term ratings of Prudential Bank & Trust, FSB.

Prudential Bank's bank financial strength rating was lowered to C from C+ and its long-term deposit rating to A3 from A2, the agency said, noting that the short-term rating was lowered to P-2 from P-1.

The outlook is stable.

Prudential Bank is a wholly owned indirect subsidiary of Prudential Financial, Inc. (senior debt rating at Baa2), Moody's said, adding that it downgraded Prudential Bank's rating to A3 because it views the bank's activities and franchise value are dependent to those of its sister subsidiaries, Prudential Insurance Co. of America and Prudential Retirement Insurance and Annuity Co., which implied senior debt rating is also A3 with a stable outlook.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.