Moody's: Principal Financial Group negative

Moody's Investors Service said it affirmed the provisional Baa1 unguaranteed senior debt rating of Principal Financial Group, Inc., the A3 senior debt rating of its intermediate holding company, Principal Financial Services, Inc. and the Aa3 insurance financial strength rating of Principal Life Insurance Co., its key U.S. life insurance operating subsidiary.

The outlook was changed to negative from stable.

Other Principal Financial Group affiliated ratings were also affirmed with a negative outlook, with the exception of their commercial paper ratings, which were affirmed with a stable outlook (

Moody's said the action follows the company's announcement that it signed a definitive agreement to acquire AFP Cuprum, a Chilean pension provider, for approximately $1.5 billion.

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