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Moody’s rates Equitable preferreds Ba1
Moody's Investors Service said it assigned a Ba1(hyb) rating to Equitable Holdings, Inc.'s anticipated issuance of around $300 million of series C non-cumulative preferred stock.
The Ba1(hyb) rating reflects Moody's typical notching for insurers' instruments relative to their insurance financial strength and senior debt ratings, the agency said.
Proceeds will be used to pay off debt, which may include a portion of the $800 million of senior notes due in 2023.
The outlook remains positive.
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