Fitch rates Principal Financial notes A-

Fitch Ratings said it assigned a senior unsecured long-term debt rating of A- to Principal Financial Group, Inc.'s new issuance of notes due in May 2029.

The outlook is stable.

Principal Financial's long-term issuer default rating and all other related ratings are unaffected by the rating action.

The notes are fully, unconditionally and irrevocably guaranteed by Principal Financial Services, Inc.

The proceeds from the offering, together with other available cash, will be used to fund the acquisition of Wells Fargo's institutional retirement and trust business, Fitch said.

The $1.2 billion acquisition was announced last month and is expected to close in the third quarter of 2019, the agency said.

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