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S&P rates Prudential notes A-
Standard & Poor's said it assigned an A- long-term debt rating to Prudential Financial Inc.'s $600 million 8 7/8% fixed-to-floating-rate junior subordinated notes maturing in December 2038 and callable in December 2018.
Proceeds will be used for general corporate purposes.
The agency said the rating reflects Prudential's modest financial leverage, strong and diversified level of cash flows, strong fixed-charge coverage and the strength of its global insurance operations.
Prudential's debt issuance structure is different than most other life insurers, S&P noted, in that Prudential issues both operating leverage and financial leverage through its holding company while other insurers primarily issue operating leverage through the operating companies and financial leverage through the holding companies.
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