Fitch gives Prudential Financial notes BBB-

Fitch Ratings said it assigned a BBB- rating to Prudential Financial, Inc.'s issuance of $650 million of 5.7% junior subordinated notes due in 2053.

The rating is equivalent to the ratings assigned to Prudential Financial's existing junior subordinated notes and reflects standard notching based on Fitch's rating criteria.

Fitch said it expects proceeds from the debt issuance to be used primarily to refinance outstanding retail hybrids, so this is not viewed as an increase in financial leverage.

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