Fitch Ratings affirmed the A long-term issuer default rating and the F1 short-term issuer default rating of Prudential Financial Inc.

The agency also affirmed the AA- insurer financial strength ratings of the company's primary U.S. life insurance subsidiaries, Pruco Life Insurance Co., Pruco Life Insurance Co. of New Jersey, Prudential Retirement Insurance & Annuity Co., Prudential Insurance Co. of America, Prudential Annuities Life Assurance Corp. and Gibraltar Reinsurance Co. Ltd. Prudential Insurance Co. of America's A+ long-term issuer default rating and F1+ short-term issuer default rating were also affirmed.

The ratings outlook is stable, reflecting the agency's view that Prudential Financial's financial performance and balance sheet fundamentals will continue to be in line with ratings expectations despite the pressure of expected COVID-19-related losses on earnings and capital.

Prudential Financial's ratings reflect the company's strong statutory capitalization with regulatory capital ratios that are well above regulatory minimums. The ratings also reflect the company's very strong business and financial profile, Fitch said.