Moody’s rates Principal notes Baa1

Moody’s Investors Service said it assigned a Baa1 rating to Principal Financial Group Inc.’s about $700 million offering of 10- and 30-year notes. The issuer’s intermediate holding company, Principal Financial Services, Inc. will guarantee the notes.

Moody’s affirmed Principal’s Baa1 and Baa2(hyb) ratings on Jan. 31.

Principal will use the proceeds for general corporate purposes, including refinancing upcoming maturities and repaying callable subordinated debt.

The outlook is stable.

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