Fitch affirms Prudential

Fitch Ratings said it affirmed Prudential Financial, Inc.'s long-term issuer default rating at A-, senior notes at BBB+, junior subordinated notes at BBB- and short-term issuer default rating and commercial paper at F2.

The agency also affirmed Prudential Insurance Co. of America's surplus notes at A-, Prudential Funding, LLC's senior debt at A and Pricoa Global Funding I's secured notes program at A+.

The outlook is stable.

Fitch said Prudential's ratings reflect the group's improved earnings and liquidity profile, its above-average financial flexibility and positive steps taken by management to reduce risk within the asset management and variable annuities businesses.

Key concerns include Prudential's above-average financial leverage (31% at Sept. 30) and potential earnings and capital impact associated with ongoing market volatility, the agency said.

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