A.M. Best Assigns Issue Credit Rating to Prudential Financial, Inc.’s Junior Subordinated Notes

A.M. Best has assigned a Long-Term Issue Credit Rating of “bbb” to the newly issued $1 billion 5.7% junior subordinated notes due 2048 of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU]. The outlook assigned to this 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.

This press release relates to Credit Ratings that have been published on A.M. 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 A.M. 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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

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