Fitch rates Five Corners Funding notes A-

Fitch Ratings said it assigned an A- rating to $1.5 billion of pre-capitalized trust securities (P-Caps) issued in May 2020 by Five Corners Funding Trust II, a Delaware statutory trust established by Prudential Financial, Inc.

Prudential’s other ratings and its affiliates are unaffected by this rating action, Fitch said.

Proceeds were invested in a portfolio of principal and/or interest strips of U.S. Treasury securities. “Based on the terms of the facility agreement, PFI has the right (i.e., issuance right) to require the trust to purchase 2.85% senior unsecured notes due May 15, 2030, issued by PFI in exchange for a proportionate share of the assets in the trust. Accordingly, the rating assigned to the P-Caps is equivalent to PFI's existing senior unsecured notes,” Fitch said in a press release.

The outlook is stable.

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