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A.M. Best Company
A.M. Best Assigns Rating to Prudential Financial, Inc.'s New Junior Subordinated Notes
July 11th, 2008
A.M. Best Co. has assigned a debt rating of "bbb" to the recently issued $600 million 8.875% fixed-to-floating rate junior subordinated notes of Prudential Financial, Inc. (PFI) (Newark, NJ) (NYSE: PRU). The outlook for the rating is positive. The ratings of PFI's domestic life/health insurance companies and existing debt securities remain unchanged. The rating assigned to the notes reflects their deeply subordinated status within the organization's capital structure. Specifically, these securities will rank junior to PFI's existing and future senior indebtedness. Given certain equity like features, including a 60-year maturity with a 30-year replacement capital...
Source: Health Business Week (2008-07-11)
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