Moody's rates Prudential notes Baa1

Moody's Investors Service said it assigned a Baa1 debt rating with a stable outlook to about $1.2 billion of senior unsecured notes issued by Prudential Financial, Inc. (senior unsecured Baa1/stable).

The issuance is split between a $700 million 10-year maturity and a $500 million 30-year maturity; both issues are drawdowns from the company's existing shelf registration.

Proceeds are expected to be used to refinance upcoming debt maturities and for general corporate purposes.

"The proceeds are expected to be used for general corporate purposes which may include refinancing of upcoming debt maturities through 2015. Although the capital raise will increase financial leverage and reduce coverage ratios in the short-term, the company is protecting itself from potential lack of liquidity in the capital markets over the intermediate-term," Moody's senior vice president Scott Robinson said in a news release.

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