Moody’s: Prudential notes Baa2 (hyb)

Moody's Investors Service said it assigned a Baa2 (hyb) junior subordinated debt rating to Prudential Financial, Inc.'s (senior unsecured debt at Baa1, stable) anticipated $750 million issuance of 30-year fixed- to floating-rate debentures.

The debenture is a drawdown from a shelf registration filed in March, 2015.

Proceeds are expected to be used to refinance up to $600 million of existing junior subordinated debentures, repay portions of medium-term notes, and for general corporate purposes.

The outlook is stable.

Moody's said the Baa2 (hyb) debt rating reflects normal notching based on the junior subordinated seniority of the issuance. Following the issuance, Prudential's financial and total leverage should remain within the agency’s rating expectations.

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