AM Best Assigns Issue Credit Rating to Principal Financial Group, Inc.’s New Senior Unsecured Notes

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “a” (Excellent) to Principal Financial Group, Inc.’s (PFG) (headquartered in Des Moines, IA) recently announced USD 400 million issuance of 5.3% senior unsecured notes due 2037. The outlook assigned to this Credit Rating (ratings) is stable.

The proceeds from this debt issuance are expected to be used to cover general business purposes, as well as to prefund upcoming maturities. PFG’s proforma adjusted financial leverage of 24%, as calculated by AM Best, and interest coverage are adequate, and are in line with the company’s current ratings. Its holding company liquidity is strong.

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