Moody’s rates Prudential notes A3(hyb)

Moody's Investors Service has assigned an A3(hyb) rating to the undated $750 million subordinated tier 2 notes issued by Prudential plc (A2 for senior unsecured debt, stable outlook).

The agency said the A3(hyb) rating reflects Moody's A2 senior unsecured debt rating of Prudential and Moody's standard notching practice for such instruments.

Moody’s said the notching reflects the subordination of the notes, the optional and mandatory (based on breach of regulatory capital requirements) coupon skip mechanisms and the cumulative nature of deferred coupons, in case of deferral.

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