S&P rates Prudential Financial notes BBB+

Standard & Poor's said it assigned its BBB+ junior subordinated debt rating to Prudential Financial Inc.'s $1.5 billion of fixed- to floating-rate junior subordinated notes due 2043.

The notes are rated two-notches below the credit rating on Prudential, reflecting one notch for optional deferral and one notch for subordination to senior indebtedness, consistent with the hybrid ratings criteria, S&P said.

These notes will be treated as intermediate-equity content hybrids in the agency's analysis because the notes allow optional deferral for up to five years, are subordinate to the company's senior indebtedness and have more than 20 years remaining to maturity, the agency said.

The ratings reflect the company's diverse sources of earnings and liquidity, S&P said, as well as its strong fixed-charge coverage.

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