Moody's moves Principal Financial view to positive

Moody's Investors Service said it changed the outlook for Principal Financial Group, Inc. to positive from stable and affirmed its senior backed unsecured debt rating. Moody’s affirmed the ratings of Principal affiliates as well.

“Commenting on the positive outlook, the rating agency said it reflects PFG's good profitability, relatively strong financial flexibility, with financial and total leverage each estimated in the 20%-25% range at Sept. 30, 2020, similar to 2019. Earnings have remained strong, resulting in earnings coverage in the range of in the 8x-10x range through the first nine months of 2020, similar to 2019, with cash coverage at 6.9x in 2019,” Moody’s said in a press release.

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