Prudential Financial Inc. (PRU) announced that its Board has authorized the repurchase of up to $1.0 billion of its outstanding Common Stock during the period from July 1, 2012 through June 30, 2013.
In June 2011, the Board authorized the repurchase of up to $1.5 billion of its outstanding Common Stock through June 30, 2012. The company said it has repurchased approximately $1.25 billion of its Common Stock through March 31, 2012 under that authorization.
In a separate press release, A.M. Best Co. said it has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of "aa-" of the domestic life/health insurance companies of Prudential Financial, Inc. Concurrently, A.M. Best has affirmed the ICR of "a-" of Prudential Financial and all existing debt ratings of the group. The outlook for all ratings is stable.
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