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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 13, 2019 08:56 AM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating of “a-” to the newly issued senior unsecured notes of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU]. The $1.5 billion 3.70% notes due March 13, 2051 were issued under PFI’s medium-term notes program. 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 to pay a portion of the consideration for the previously announced acquisition of Assurance IQ, Inc. and for general corporate purposes, which may include refinancing portions of the company’s medium-term notes maturing through 2020. While AM Best expects this issuance to have a modest short-term negative impact on PFI’s financial leverage and interest coverage ratios, both remain within AM Best’s guidelines for the organization’s current ratings.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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