Fitch: Prudential notes BBB-

Fitch Ratings said it assigned a BBB- rating to Prudential Financial, Inc.'s issuance of $1 billion of 5.875% fixed- to floating-rate junior subordinated notes due in 2042.

The proceeds will be used to prefund maturing debt and to call certain outstanding retail notes at par.

The company's financial leverage is not affected by this transaction, Fitch said.

Based on the agency's rating criteria, this hybrid debt issuance has not been assigned any equity credit.

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