S&P gives Principal Financial notes BBB+

Standard & Poor's said it assigned its BBB+ rating to Principal Financial Group Inc.'s $500 million senior unsecured notes issue.

The agency also said that it affirmed its BBB+ counterparty credit rating on Principal and its A+ counterparty credit and financial strength ratings on the company's key insurance operating subsidiary, Principal Life Insurance Co.

The outlook remains positive.

On May 18, Principal Financial launched an offering about $500 million in senior unsecured notes, the agency said, adding that this new debt issue is expected to fund $441 million in term debt due August 2009 and provide additional capital for general corporate purposes.

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