636 Prudential Employees and Retirees Earn More Than $400,000 in Grants for Nonprofits in Their Communities Through 19th Annual Prudential CARES Volunteer Grants Program

{"s" : "pru","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""} Press Release Source: Prudential Financial, Inc. On Monday December 20, 2010, 4:27 pm EST

NEWARK, N.J.--(BUSINESS WIRE)-- The Prudential Foundation and Prudential Financial, Inc. (NYSE:PRU - News), recently provided more than $400,000 in Prudential CARES Volunteer Grants to 589 community organizations in the United States and another 47 internationally. Grants range from $250 to $5,000 for each award winner’s charitable organization.

“Through volunteer work with fire departments, food banks, youth sports programs, arts and cultural organizations and in local schools, Prudential employees around the world are giving nonprofit organizations in their communities the gifts of their time, talent and treasure,” said Gabriella Morris, vice president of Community Resources at Prudential and president of The Prudential Foundation.

“Our Prudential CARES Volunteer Grants program is now in its nineteenth year. There is no more significant way for us to demonstrate Prudential’s continued commitment to supporting volunteerism than to put dollars into the organizations where our volunteers serve,” said Morris. “Prudential employees and retirees continue to amaze and inspire us with their. Many tell us that the time they devote to their causes feels more like receiving a gift than giving one,” adds Morris.

The Prudential Foundation is a not-for-profit corporation supported by The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. To promote sustainable communities and improve social outcomes for community residents, The Prudential Foundation focuses its grant making strategy in the areas of education, economic development and arts and civic infrastructure. In addition, the Foundation also supports the community engagement efforts of Prudential employees through Matching Gifts and other special programs that recognize their volunteer efforts. The Prudential Foundation is a unit of Prudential’s Community Resources Department, which also includes the Social Investment Program, which originates and manages socially beneficial investments; and Local Initiatives, which coordinates employee volunteerism and fosters community outreach.

Prudential Financial, Inc. (NYSE:PRU - News), a financial services leader with approximately $750 billion of assets under management as of September 30, 2010, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.

Editor’s Note:

The Prudential CARES logo is immediately available upon request and Prudential Financial executives are available for interview to discuss this release and additional community outreach efforts by contacting Laura Bennett, Bennett & Company Marketing, 407-478-4040 or laura@bennettandco.com.

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Newark Downgraded to A3 by Moody's for Inability to Balance Annual Budget

Newark, the biggest city in New Jersey, had its credit rating cut to A3, the fourth-lowest investment grade, by Moody’s Investors Service for its inability to balance the annual budget. The one-step downgrade came with a negative outlook.

Newark may face a deficit of $30.5 million for 2011, Moody’s said today in a report. Mayor Cory Booker raised property taxes 16 percent, fired police and plans to sell some city facilities to balance its $605 million budget this year.

About a quarter of the city’s residents live below the poverty level, while unemployment reached 14.9 percent in August, when it was 9.4 in the state and 9.5 percent nationwide, according to the report. Moody’s placed Newark’s rating on review for a possible reduction on Aug. 13. The downgrade affects $500 million in general-obligation debt outstanding.

“Revenues remain uncertain and additional expenditure cuts of a significant nature may be difficult to achieve,” analysts including Josellyn Yousef said in the report. “The city may be challenged to further reduce headcount through means other than attrition in order to generate what may be very large needed savings.”

Residents of Newark, a city of about 280,000 that is home to Prudential Financial Inc., had a median family income that was 66 percent of the U.S. median in the three years through 2008, according to Census Bureau figures.

‘Wouldn’t Be Crazy’

“Moody’s wouldn’t be crazy” to cut the city’s bond rating, even after steps that have been taken to balance budgets in the current year and next year, Business Administrator Julien Neals said prior to the decision. He said the city’s 2011 deficit may reach as high as $42 million.

Neals said Newark’s moves to eliminate about 700 workers over the past year and boost property taxes couldn’t be expected to automatically bring higher ratings.

“What we don’t have any control over are how the steps we take will translate into confidence on the part of Moody’s and the market,” Neals said in an interview yesterday. “When we go to market, there’s a completely different weighting scale.”

Booker, who took office in 2006 seeking to end chronic deficits by this year, didn’t immediately respond to a message seeking comment.

To contact the reporter on this story: Dunstan McNichol in Trenton, New Jersey, at dmcnichol@bloomberg.net

To contact the editor responsible for this story: Mark Tannenbaum at mtannen@bloomberg.net

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