S&P: Prudential notes BBB+

Standard & Poor's said it assigned its BBB+ junior subordinated debt rating to $1 billion of fixed-to-floating rate junior subordinated notes due 2042, issued 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, the agency said.

The agency said it would treat the notes as intermediate-equity content hybrids in its analysis because the notes allow optional deferral for up to five years, are subordinate to Prudential's senior indebtedness and have 30 years remaining to maturity.

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