Fitch affirms Prudential

Fitch Ratings said it affirmed Prudential Financial, Inc.'s BBB+ long-term issuer default rating and its BBB senior debt rating following the announcement that Wells Fargo will pay Prudential $4.5 billion in cash to purchase Prudential's minority interest in its retail brokerage joint venture, Wachovia Securities.

Fitch said it also affirmed all other Prudential ratings and revised the outlook to stable from negative.

The outlook revision reflects Fitch's view that Prudential has made considerable progress addressing prior concerns regarding the company's capitalization, liquidity position and overall financial flexibility.

While Fitch continues to be concerned about Prudential's ongoing exposure to heightened investment losses, Fitch believes that the company is well positioned to address future expected investment losses and other contingencies over the medium term.

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