A.M. Best Comments on Prudential's Retail Brokerage Combination.Business Editors/Insurance Writers OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 19, 2003 Following the recent announcement that Prudential Prudential is the name of two different companies and buildings named after them: Companies:
Newark. 1 City (1990 pop. 37,861), Alameda co., W Calif., on the east side of San Francisco Bay; inc. 1955. , NJ) (NYSE NYSE See: New York Stock Exchange :PRU PRU Prudential Financial PRU Pupil Referral Unit PRU Photographic Reconnaissance Unit PRU Potomac Rugby Union (Washington, DC) PRU Provincial Reconnaissance Unit PRU Projets de Rénovation Urbaine PRU Pruhonice ) and Wachovia Corp. will combine their retail securities brokerage and clearing operations, A.M. Best Co. observes that the financial strength ratings of A (Excellent) and the positive rating outlook of The Prudential Insurance Company of America (Newark, NJ) and its wholly owned life/health subsidiaries remain unaffected. Prudential and its subsidiaries' existing debt ratings also remain unaffected. Additionally, the under review (developing) status on the financial strength rating of A- (Excellent) on Prudential's recently announced acquisition, American Skandia Life Assurance Corporation (ASLAC ASLAC Advanced Subscriber Line Audio Processing Interface ASLAC Advanced Subscriber Line Audio Controller ) (Shelton, CT) remains unchanged. A.M. Best notes that the new retail brokerage firm, expected to rank as the third largest in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , is consistent with management's objectives to enhance the stability of Prudential's earnings and reduce risks and infrastructure costs within the company. Moreover, the positive outlook on Prudential's financial strength ratings takes into account such actions, which are aimed at improving underperforming businesses so that they can meet targeted internal rates of return and reduce earnings volatility. For a complete listing of Prudential's financial strength and debt ratings, visit http://www.ambest.com/press/prudential3021903.pdf. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion