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Fitch gives BBB+ to Prudential notes
Fitch Ratings said it assigned Prudential plc's $1 billion issue of subordinated notes a rating of BBB+.
The notes are rated three notches below Prudential's long-term issuer default rating of A+, which has a stable outlook, to reflect their subordination and loss absorption features, in line with the agency’s notching criteria.
The Tier 2 subordinated notes carry a coupon of 5.25% and are perpetual securities, callable after a period of five years. The notes include a mandatory interest deferral feature that would be triggered if the company is unable to meet the applicable Solvency Capital Requirement (or Minimum Capital Requirement), as defined in the Solvency II directive.
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