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S&P rates Principal Financial notes BBB+, BBB-
Standard & Poor's said it assigned its BBB+ debt rating to Principal Financial Group Inc.'s pending issuance of up to $400 million of senior unsecured notes with a 10-year maturity and a BBB- debt rating to the pending concurrent issuance of up to $400 million of fixed-to-floating junior subordinated notes with a 40-year maturity.
S&P expects a maximum combined issuance of up to $800 million.
Principal Financial intends to use the proceeds to redeem its $550 million in series A and series B preferred stock callable in June and will use any remainder for general corporate purposes.
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