A.M. Best Assigns Issue Credit Ratings to Prudential Financial Inc.’s New Senior Unsecured Notes

OLDWICK, N.J.--()--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.

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.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Edward Kohlberg, +1-908-439-2200, ext. 5664
Associate Director
edward.kohlberg@ambest.com
or
William Pargeans, +1-908-439-2200, ext. 5359
Director
william.pargeans@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Edward Kohlberg, +1-908-439-2200, ext. 5664
Associate Director
edward.kohlberg@ambest.com
or
William Pargeans, +1-908-439-2200, ext. 5359
Director
william.pargeans@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com