Moody's rates Principal Financial notes A3

Moody's Investors Service said it assigned an A3 senior debt rating with a negative outlook to the $900 million of senior notes issued by Principal Financial Group, Inc.

The notes, issued in five-, 10.5- and 30.5-year maturities of $300 million each, are guaranteed by Principal Financial Services, Inc., Principal Financial Group's intermediate holding company.

Moody's said the rating was based on an unconditional and irrevocable guarantee from Principal Financial Services, the direct owner of Principal Life Insurance Co., which is a major U.S. pension and life insurance provider, particularly in the specialized 401(k) pension sector, where it is a market leader.

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