Fitch gives Prudential hybrids A-

Fitch Ratings said it assigned an A- rating to Prudential Financial, Inc.'s $600 million 8.875% fixed-to-floating rate institutional hybrids due 2068 and $800 million retail hybrids due 2068.

The agency said that Prudential has the right to defer interest for up to five years, or if a market disruption event is continuing, up to 10 consecutive years.

Fitch noted that it also affirms the ratings on Prudential, including the A+ issuer default rating and the ratings of all senior unsecured debt ratings.

The outlook is stable.

Based on Fitch's hybrid rating criteria, the notes have a high equity component.

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