S&P drops Prudential

Standard & Poor's said it lowered its counterparty credit rating on Prudential Financial Inc. to A from A+.

The outlook is negative.

At the same time, the agency said it revised the outlook on Prudential's insurance operating subsidiaries to negative from stable and affirmed the AA counterparty credit and financial strength ratings on these companies.

"The downgrade reflects diminished operating performance and associated declines in interest and fixed-charge coverage capacity, mainly as a result of equity and credit market performance," said S&P credit analyst Matt Carroll.

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