TEXT-S&P summary: Prudential PLC

Fri Dec 21, 2012 6:12am EST

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Summary analysis -- Prudential PLC -------------------------------- 21-Dec-2012

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CREDIT RATING: A+/Negative/A-1 Country: United Kingdom

Primary SIC: Holding

companies, nec

Mult. CUSIP6: 74435K

Mult. CUSIP6: 7443M2

Mult. CUSIP6: 7443M3

Mult. CUSIP6: 7443M5

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Credit Rating History:

Local currency Foreign currency

23-Jun-2006 A+/A-1 A+/A-1

29-Jan-2003 AA-/A-1+ AA-/A-1+

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Rationale

The counterparty credit ratings on U.K.-based Prudential PLC (Prudential) reflect its position as the holding company for the Prudential group (the group), which has a very strong competitive position, resilient and diversified operating earnings profile, and very strong financial flexibility. Strong enterprise risk management has helped mitigate some of the adverse effects on capital adequacy of current market conditions, although financial market risks remain elevated. These strengths are partially offset by pressures on current and prospective capital adequacy and the shifting profile of the group away from its historical strength in the U.K.

Prudential owns significant life insurance and asset management operations in Asia, the U.S., and the U.K. It had approximately GBP363 billion in funds under management on June 30, 2012.

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