Fitch rates Prudential notes BBB

Fitch Ratings said it assigned a BBB rating to the $1 billion of junior subordinated notes issued by Prudential Financial, Inc.

The existing ratings assigned to Prudential and its affiliates are unaffected.

The outlook is stable.

The agency said the rating assigned to the new junior subordinated notes is equivalent to the rating assigned to the existing junior subordinated notes.

The notes are rated three notches below the long-term issuer default rating, which reflects an assumption of poor recovery prospects in the event of default given the level of subordination and one additional notch for minimal non-performance risk, Fitch said.

The agency said the issuance is not expected to affect its view of Prudential’s financial leverage.

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