S&P affirms Prudential notes

S&P said it affirmed its A ratings on the senior notes out of the medium-term note program issued by Prudential plc (A/stable/A-1), and the BBB+ ratings on the junior subordinated notes out of the program.

The agency said it understands that Prudential may issue senior and junior subordinated notes with the intent to transfer the debt to New M&G Prudential HoldCo.

“Although the formation of this new issuer is still pending, we would expect that any drawdown on Prudential plc's MTN program that is later transferred to New M&G Prudential HoldCo as obligor could be rated one notch lower, as we would do if the new entity was the issuer, in line with our rating approach for non-operating holding companies,” S&P said in a news release.

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