Fitch rates Prudential notes A

Fitch Ratings said assigned Prudential plc's a final rating of A to the issue of £400 million callable dated tier 2 notes due May 2039.

The notes are callable in May 2019 and will pay a fixed rate of 11.375% until this date. The debt is lower tier 2 capital for regulatory purposes, the agency 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, Fitch said.

As the notes are deferrable and junior subordinated, an equity credit of 50% has been assigned, the agency added.

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