S&P rates Prudential notes A-

Standard & Poor’s said it assigned an A- long-term issue rating to the £600 million 5% junior subordinated notes due 2055 issued by Prudential plc.

The notes were rated two notches below the company’s A+ long-term counterparty credit rating.

The rating on the notes reflects that noteholders will be subordinated to the group’s senior creditors, S&P said.

The rating also considers that Prudential has the option to defer interest if, during the previous six-month period, no dividend on any class of shares has been declared, the agency said.

Prudential can call the notes in 2035 and on each interest payment date thereafter, subject to conditions for redemption, including regulatory approval, S&P said.

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