Fitch said it had assigned an "A" rating to Prudential Financial Inc.'s $2 billion issuance of senior convertible notes due November 2035.
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The New York ratings company also affirmed Prudential's "A" long-term issuer rating, its "F1" commercial paper issuer rating, and the ratings on all outstanding debt. It said Friday that the rating outlook for the Newark, N.J., insurer is stable.
Proceeds of the note offering are expected to be used initially to buy an investment portfolio as well as to repurchase about $210 million of common stock. Prudential's ratings are based on expectations that management will consistently pursue the objective of keeping consolidated financial leverage below 20% of capital.
