Fitch gives A- to Principal notes

Fitch Ratings said it assigned A- ratings to Principal Financial Group Inc.’s offering of senior unsecured notes due 2033 and 2053. Principal’s intermediate holding company, Principal Financial Services Inc. will guarantee the notes.

“The ratings assigned to the new senior notes are equivalent to the ratings assigned to PFG's existing senior unsecured debt, and reflect standard notching based on Fitch's rating criteria,” the agency said in a press release.

PFG intends to use the proceeds to redeem the $400 million of its 4.7% fixed-to-floating rate junior subordinated notes due 2055 and to repay at maturity $300 million of its 3.125% senior notes due 2023.

The outlook is stable.

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