Fitch affirms Principal

Fitch Ratings said it affirmed Principal Financial Group, Inc.'s A issuer default, A- $600 million of 6.05% notes due Oct. 15, 2036, A- $400 million of 7.875% due May 2014, A- $350 million 8.875% due May 2019, BBB 5.563% series A preferred stock due 2015 and BBB 6.518% series B preferred stock due 2035 ratings.

Fitch also affirmed Principal Financial Services, Inc.'s A long-term issuer default, F1 short-term issuer default and F1 commercial paper ratings, as well as Principal Life Insurance Co.'s A+ issuer default, A surplus notes and A $100 million of notes due March 1, 2044 ratings.

The outlook is negative.

This rating action follows a periodic review of the company's financial results and credit quality, Fitch said.

The ratings are supported by the company's strong market position in the employee benefit business and improving operating earnings, Fitch said.

However, the company's overall operating earnings profile has diminished somewhat from levels achieved prior to the financial crisis, the agency said.

© 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.