Best’s News & Research Service - August 13, 2018 10:24 AM (EDT)
A.M. Best Assigns Issue Credit Rating to Prudential Financial, Inc.’s New Junior Subordinated Notes
- August 13, 2018 10:24 AM (EDT)
Oldwick //BestWire// - A.M. Best has assigned a Long-Term Issue Credit Rating of “bbb” to the newly issued $500 million 5.625% junior subordinated notes of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU]. The outlook assigned to the Credit Rating (rating) is stable. The existing ratings of PFI and its subsidiaries are unchanged.
The proceeds from this debt issuance are expected to be used for general corporate purposes. While this issuance is expected to have a modest short-term negative impact on PFI’s financial leverage and interest coverage ratios, both remain within A.M. Best’s guidelines for the organization’s current ratings. A.M. Best also notes that PFI currently maintains above-average levels of liquidity.
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