Moody's gives Principal Life program Aa2

Moody's Investors Service said it assigned a long-term debt rating of Aa2 to Principal Life Insurance Co.'s (Aa2 insurance financial strength rating) $5 billion secured medium-term note issuance program, under which the notes will be issued through Principal Life Income Fundings Trusts.

The agency said that the program is Principal Life's third Funding Agreement-backed Note Issuance Program registered with the Securities and Exchange Commission.

The outlook is stable.

Under the program, the agency said that each series of notes will be issued by a separate, newly created common law trust.

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