Moody's: Prudential debt Baa3

Moody's Investors Service said it assigned a hybrid Baa3 subordinated debt rating to Prudential Financial Inc.'s $1 billion issuance of 30-year 5.875% fixed rate debentures.

The debentures are a drawdown from a shelf registration filed in March.

The outlook is positive.

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

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