Fitch affirms Principal

Fitch Ratings said it affirmed Principal Financial Group, Inc.'s issuer default rating at A, notes at A- and preferred stock at BBB. The outlook is stable.

The agency said the affirmation reflects Principal's strong capitalization, modest financial leverage and improved operating profitability, partially offset by above-average exposure to direct mortgages and structured mortgage securities.

The company's financial leverage was 14.4% at Sept. 30, compared with 15.0% at the end of 2010.

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