OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned Long-Term Issue Credit Ratings of “a-” to the newly issued senior unsecured notes of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU]. The securities were issued in two tranches: $600 million 3.878% 10-year notes and $400 million 4.418% 30-year notes. The notes were issued under PFI's medium-term note program. The outlook assigned to both Credit Ratings (ratings) 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, which may include refinancing upcoming debt maturities. While A.M. Best expects this issuance 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 cash resources.
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