Moody's rates Prudential notes Baa1

Moody's Investors Service said it assigned a Baa1 subordinated debt rating, on review for possible upgrade, to Prudential Financial, Inc.'s (senior debt at A3) junior subordinated notes due 2068.

The notes have a scheduled maturity of 30 years and a final maturity of 60 years, the agency said, adding that redemption is subject to a replacement capital covenant, which is in effect until 2048 and requires Prudential to replace the debentures with securities that have equal or greater equity content.

In assigning the ratings, Moody's said it cited Prudential's group's sound capital position, its robust and increasingly diversified earnings and its strong brand name.

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