Correction: Fitch Rates Prudential's U.S. Funding Program & Issues 'AA-'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- (This is an amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. version of a press release issued Feb. 2 and contains revised issue dollar amounts in the ratings list.) Fitch fitch: see polecat. Ratings-Chicago-February 4, 2005: Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. an 'AA-' rating to PRICOA Global Funding I's secured notes program and outstanding issues (specified below). The notes are secured by funding agreements Funding Agreement Illiquid insurance contracts that provide guaranteed principal repayment and interest payments for a predetermined period of time. Notes: Funding agreements are marketed to mutual fund companies and municipal reinvestments. issued by Prudential Prudential is the name of two different companies and buildings named after them: Companies:
The rating reflects the credit quality of the underlying funding agreement and includes a review of the legal structure of PRICOA Global Funding I, the funding agreement, and the notes. Based on that review, Fitch has concluded that the structure in place allows the noteholders to have a secured interest in the funding agreement and allows Fitch to 'pass-through' the rating on Prudential to these notes. Payment of principal and interest on the notes will be sourced from cash flows from the funding agreement. The funding agreement is structured such that the timing and the amount of the payments will enable PRICOA Global Funding I to make payments on the notes. PRICOA Global Funding I is a statutory trust organized in series under the laws of the State of Delaware. The company was established for the sole purpose of issuing debt instruments secured by funding agreements issued by Prudential.
Entity/Issue/Type Action Rating/Outlook
PRICOA Global Funding I
-- Secured notes program Assign 'AA-'/Stable;
-- $325 million floating-rate due Jan. 25, 2008
-- $300 million floating rate due April 25, 2005
-- $500 million 3.9% due Dec. 15, 2008
-- $250 million floating rate due Dec. 22, 2006
-- $100 million floating rate due Jan. 20, 2006
-- $400 million 4.35% due June 15, 2008
-- $100 million floating rate due Oct. 5, 2006
-- $150 million floating rate due Oct. 5, 2006
-- $300 million floating rate due Nov. 24, 2006
-- $200 million floating rate due March 2, 2007
-- $300 million 4.2% due Jan. 15, 2010
-- $100 million floating rate due Jan. 15, 2010
Assign 'AA-'/Stable.
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