S&P gives Prudential convertibles A+

Standard & Poor's said it assigned its A+ senior unsecured debt rating to Prudential Financial Inc.'s (A+/stable/A-1) $3.0 billion floating rate senior unsecured convertible notes due to mature in December 2037.

The agency said that the rating reflects Prudential's modest financial leverage at 16%, strong and diversified level of cash flows, strong GAAP fixed-charge coverage in excess of 18x and the strength of its global insurance operations.

The purposes of the offering are to fund the operating needs of subsidiaries, to purchase short-term, investment-grade fixed-income investments and general corporate purposes, S&P added.

© 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.