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Fitch cuts Prudential Financial
Fitch Ratings said it downgraded Prudential Financial, Inc.'s long-term issuer default rating to BBB+ from A, senior unsecured debt rating to BBB from A- and commercial paper rating to F2 from F1.
The outlook is negative.
Fitch said the actions reflect an updated review of the company's exposure to the volatile credit and investment market conditions, which is hurting investment results, earnings performance and capital levels.
The downgrade reflects potential future pressure on the financial flexibility of the consolidated enterprise, according to the agency.
Somewhat mitigating high debt leverage is a cash position, net of commercial paper outstanding, of $3.2 billion at the holding company, as well as committed bank lines of $4.4 billion, sufficient liquidity to meet 2009 debt maturities, the agency noted.
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