Moody's rates Principal Financial notes A3

Moody's Investors Service said it has assigned an A3 rating with negative outlook to the senior unsecured notes to be issued by Principal Financial Group Inc.

According to the agency, the senior debt will be fully and unconditionally guaranteed by Principal Financial Services, Inc., whose senior debt is rated A3 (negative outlook).

The proceeds of the notes will be used to repay the $455 million of outstanding senior debt of Principal Financial Services maturing in August 2009 and/or for general corporate purposes, the agency noted.

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