AM Best Assigns Issue Credit Rating to Prudential Financial, Inc.’s New Senior Unsecured Notes
September 13 2019 - 9:38AM
Business Wire
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.
AM Best is a global rating agency and information provider
with a unique focus on the insurance industry. Visit www.ambest.com
for more information.
Copyright © 2019 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: https://www.businesswire.com/news/home/20190913005287/en/
Edward Kohlberg Director +1 908 439 2200, ext.
5664 edward.kohlberg@ambest.com
Ken Johnson, CFA, CAIA, FRM Senior Director +1
908 439 2200, ext. 5056 ken.johnson@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy Director, Public Relations +1 908 439
2200, ext. 5644 james.peavy@ambest.com
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