S&P assigns Prudential notes A

Standard & Poor's said it assigned its A senior unsecured debt rating to Prudential Financial Inc.'s $350 million medium-term notes due in 2019.

Prudential’s issuer credit rating is not affected by the add-on of $250 million of debt to its existing 4.6% senior unsecured notes due 2044 originally issued on May 15, 2014.

The agency expect the company to use the proceeds from the medium-term notes for general corporate purposes, including prefunding senior debt maturing in 2015.

S&P said the ratings reflect its A counterparty credit rating on Prudential. The counterparty credit ratings on Prudential’s non-operating holding company are two notches lower than the ratings on the operating companies (typically, the rating on a U.S. holding company is a full category, or three notches, below the ratings on the operating companies). The narrower notching reflects Prudential’s diverse sources of earnings and liquidity from regulated U.S. and international insurance operations, as well as asset-management subsidiaries, which are unrestricted, S&P said.

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