Moody’s rates Prudential notes Baa1

Moody's Investors Service said it assigned a Baa1 debt rating with a stable outlook to about $600 million of senior unsecured notes issued by Prudential Financial, Inc. (senior unsecured Baa1/stable).

The issuance is split between a $350 million five-year maturity and the reopening of a $250 million 30-year maturity, both of which are drawdowns from the company's existing shelf registration.

Proceeds are expected to be used for general corporate purposes, including the refinancing of upcoming debt maturities.

"Although the holding company 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 in the interim by advance funding upcoming debt maturities," Moody's senior vice president Scott Robinson said in a news release.

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