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Fitch: Prudential notes BBB-
Fitch Ratings said it assigned a BBB- rating to Prudential Financial, Inc.'s issuance of $500 million of 5.20% junior subordinated notes due in 2044.
The rating is equivalent to the ratings assigned to the company's existing junior subordinated notes, the agency said.
The proceeds will be used primarily to refinance outstanding retail hybrids, so this is not viewed as an increase in financial leverage, Fitch said.
The outlook is stable.
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