S&P: Prudential notes BBB+

Standard & Poor's said it assigned a BBB+ junior subordinated debt rating of $500 million of junior subordinated notes due 2052 being offered by Prudential Financial Inc.

The notes are rated two notches below the issuer 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.

The issuer credit rating on Prudential is two notches lower than the ratings on its core operating companies, the agency said.

The nonstandard notching reflects Prudential's diverse sources of earnings and liquidity, S&P said, as well as its strong fixed-charge coverage.

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