Moody's rates Prudential debentures Baa3

Moody's Investors Service said it assigned a Baa3(hyb) subordinated debt rating to Prudential Financial, Inc.'s $1.5 billion issuance of 30.5-year 5.625% fixed-to-floating rate debentures.

The debenture is a drawdown from a shelf registration filed in March.

The outlook on the debt is positive.

"Prudential's debt issuance represents an opportunity to refinance some of its higher coupon retail medium-term notes, which are redeemable at par, with longer duration, lower cost, hybrid securities," said Moody's senior vice president Scott Robinson in a news release.

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