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Moody's: Prudential outlook stable
Moody's Investors Service said it changed the outlook for Prudential Financial, Inc., Prudential Insurance Co. of America and its affiliates to stable from negative and affirmed Prudential's Baa2 long-term issuer and senior unsecured debt ratings and Prime-2 short-term issuer and short-term debt ratings.
Also affirmed were Pricoa Global Funding I's A2 senior secured debt rating, Prudential Funding, LLC's A3 senior unsecured debt rating, Prudential Holdings LLC's Baa1 senior secured debt rating and Prudential Insurance Co. of America's Baa1 surplus notes.
Prudential Funding, LLC's Prime-1 short-term debt rating for commercial paper remains on review for possible downgrade.
The agency said the change in Prudential's outlook to stable reflects the benefits of the company's recent $2.4 billion capital raise to its financial flexibility and capitalization.
Moody's also positively noted the announcement that Prudential has provided notice to Wells Fargo & Co. of its exercise of its "lookback" put rights relating to its minority joint venture ownership interest in Wachovia Securities Financial Holdings, which the agency believes will significantly increase Prudential's regulatory capital.
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