Moody's: Prudential notes Baa2

Moody's Investors Service said it rated Prudential Financial, Inc.'s $725 million senior debt issuance at Baa2. It expects the proceeds of the proposed issuance to refinance upcoming debt maturities and for general corporate purposes.

"The proceeds are expected to be used to refinance debt maturities in 2012 and 2013. Although the capital raise will increase financial leverage and reduce coverage ratios in the short-term, the company is protecting itself from potential lack of liquidity in the capital markets over the intermediate-term," Moody's senior vice president Scott Robinson said in a news release.

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