Moody’s changes Principal view to positive

Moody’s Investors Service said it changed the outlook to positive from stable and affirmed the Baa1 issuer rating of Principal Financial Services, Inc.

“Commenting on the positive outlook, the rating agency said it reflects the group’s consolidated good profitability, relatively strong financial flexibility, with financial and total leverage each estimated in the 20%-25% range at Sept. 30, 2020, similar to 2019. Earnings have remained strong, resulting in earnings coverage in the range of 8x-10x through the first nine months of 2020, similar to 2019, with cash coverage at 6.9x in 2019,” Moody’s said in a press release.

The outlook revision also brings it into line with its parent Principal Financial Group, Inc.’s positive outlook.

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