Moody's gives Prudential convertibles A3

Moody's Investors Service said it assigned an A3 senior unsecured debt rating to Prudential Financial, Inc.'s $3 billion Rule 144A offering of 30-year floating rate convertible senior notes and placed this rating immediately on review for possible upgrade.

Moody's said it had placed Prudential's credit ratings on review for possible upgrade on Dec. 5.

The convertible senior notes have a floating-rate coupon and a final maturity of 2037, but are subject to earlier repurchase, redemption or conversion, the agency said, adding that the notes are non-callable for 18 months, but holders may exercise the conversion rights, receiving a combination of cash and common stock, if any, at any time up through maturity.

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