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S&P: Principal Financial to BBB+
Standard & Poor's said it raised the long-term counterparty credit ratings of Principal Financial Group Inc. and Principal Financial Services, Inc. to BBB+ from BBB.
At the same time, S&P raised the long-term counterparty credit and financial strength ratings on Principal Life Insurance Co. to A+ from A.
The outlook is stable.
"The upgrade is based on our view of the operating companies' improved capital adequacy position, Principal Financial's strong and consistent operating performance and its very strong and sustained franchise position in the U.S. and within its leading international platforms," S&P credit analyst Donald Chu said in a news release.
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