Fitch rates Prudential notes A

Fitch Ratings said it assigned Prudential plc's forthcoming issue of £400 million callable dated tier-2 notes due May 2039 an expected rating of A.

The debt is lower tier-2 capital for regulatory purposes, Fitch said. In a potential winding-up scenario, the securities would rank as subordinated to the claims of senior creditors and in priority to upper tier-2 and tier-1 capital, the agency said.

The final rating is contingent on the receipt of final documents.

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