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Moody's rates Prudential notes Baa1
Moody's Investors Service said it assigned a Baa1 subordinated debt rating, on review for upgrade, to Prudential Financial, Inc.'s (A3 senior debt rating) $600 million 8 7/8% fixed- to floating-rate junior subordinated notes due 2068.
The rating reflects the group's sound capital position, its robust and increasingly diversified earnings and strong brand name, according to the agency.
These strengths are somewhat tempered by the challenges of meeting the increasingly heightened competition among financial services companies, by relatively high financial leverage and by the high level of holding company-funded operating debt, Moody's said.
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