Fitch affirms Principal Financial

Fitch Ratings said it affirmed Principal Financial Group, Inc.'s issuer default rating at A+, its $600 million 6.05% bonds due 2036 at A and its 5.563% preferred stock due 2015, series A, and 6.518% preferred stock due 2035, series B, at A-.

The agency also affirmed Principal Financial Services Inc.'s issuer default rating at A+, senior debt rating and $465 million 8.2% notes due 2009 at A and commercial paper at F1.

Principal Life Insurance Co.'s AA- issuer default rating, A+ surplus notes and A+ $100 million bonds due March 1, 2044 were also affirmed.

The outlook remains stable.

The agency said Principal Financial's ratings reflect the company's favorable operating profile, good balance sheet fundamentals and strong earnings and cash flow.

Fitch's primary rating concern for the company is its exposure to further credit losses due to the ongoing credit market turmoil and its impact on the company's risk-based capital levels.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.