Moody's rates Prudential debt Baa3

Moody's Investors Service said it assigned a hybrid Baa3 subordinated debt rating to Prudential Financial's $500 million issuance of 40-year 5.75% fixed-rate debentures.

The outlook is positive.

The debenture is a drawdown from a shelf registration filed in March 2012.

The proceeds, which have an additional $75 million over-allotment option, are expected to be used for general corporate purposes as well as the redemption of some of the company's outstanding retail medium-term notes.

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