Moody's Affirms Prudential's A2 Senior Rating, With Stable Outlook

14th Mar 2018 17:49

LONDON (Alliance News) - Moody's Investors Service late Wednesday affirmed the A2 senior senior unsecured debt rating of FTSE 100 listed insurer Prudential PLC, with stable outlook.

Moody's said that the decision reflects Prudential's intention to demerge M&G Prudential to create two separately listed companies, announced earlier on the day.

Moody's expects the group's financial flexibility to remain very strong.

The company's US business Jackson National Life Insurance Co's ratings was affirmed at A1 IFSR, while Prudential Assurance Ltd's rating was affirmed at Aa3 IFSR.

Moody's said the outlook for UK shareholder annuity portfolio disposal to Rothesay Life is neutral.

Moody's said the stable outlook reflects the expectation that the strengths of Prudential's established businesses in the UK, US and Asia, are maintained both before, and after the intended demerger.

Moody's also said that an upgrade is likely if the company is able to improve its credit strength across all of the assets.

Prudential shares closed up 5.5% at 1,925.00 pence per share on Wednesday.

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