Moody's affirms Prudential

Moody's Investors Service said it affirmed the Baa2 senior debt ratings of Prudential Financial, Inc., as well as the A2 insurance financial strength ratings of the company's life insurance operating subsidiaries.

The agency also said it changed the outlook to positive from stable.

Prudential's positive earnings momentum, strong capital position and continuing improvement in financial flexibility is strengthening its credit profile relative to its current ratings, Moody's said.

The ratings reflect Prudential's strong brand name recognition and market presence in both the Japanese and U.S. life insurance markets, good earnings diversification and continued strong growth opportunities, the agency said.

These strengths are tempered by an above average amount of operating and financial debt, higher than average equity market sensitivity, exposure to commercial real estate and modest, but improving earnings coverage ratios, Moody's said.

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