Fitch rates Prudential notes BBB

Fitch Ratings said it assigned Prudential plc's (A/stable) £300 million tier 2 subordinated notes a rating of BBB.

The notes have a maturity of 30 years, and will be callable on the first and second fifth anniversary and each interest payment date onwards.

The notes have a fixed coupon of 3.875% per annum until the first call date, payable semi-annually in arrears.

“The proposed notes are rated three notches below Prudential plc's issuer default rating: two notches for poor recoveries and one notch for moderate non-performance risk,” the agency said in a news release.

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