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Moody's: Prudential notes Baa1
Moody's Investors Service said it assigned a Baa1 (hyb) rating to the $700 million of perpetual subordinated tier 1 securities issued by Prudential plc. The company has an A2 senior debt rating and a stable outlook.
The agency commented that the transaction will boost the capital available to Prudential for regulatory solvency purposes since the instrument qualifies as tier 1 capital under Solvency I.
Prudential's adjusted financial leverage was 25% at the end of 2011, Moody's said. According to the agency, the hybrids will increase the financial leverage calculation but only by 1%.
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