S&P rates Prudential notes A-

S&P said it assigned an A- long-term issue rating to the proposed $1 billion perpetual junior subordinated notes issued by Prudential plc.

Based on criteria for subordinated debt issues, the agency said it rates the notes two notches below the company’s A+ long-term counterparty credit rating.

The rating on the junior subordinated notes is based on an understanding that the notes are issued under the group’s £6 billion medium-term note program and that the noteholders will be subordinated to the group’s senior creditors, S&P said.

The agency 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.

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