OLDWICK, N.J.--(BUSINESS WIRE)--
A.M. Besthas assigned indicative ratings of “a-” to senior
unsecured debt, “bbb+” to subordinated debt and “bbb” to preferred
shares of the recently filed universal shelf registration of Principal
Financial Group, Inc. (Principal) (Des Moines, IA) [NYSE: PFG]. The
outlook assigned is stable. The new shelf registration replaces
Principal’s previous shelf, which expires in late May 2014.
Consequently, A.M. Best has withdrawn the ratings for the previous shelf
registration. All remaining ratings of Principal and its subsidiaries
are unchanged. (For further information, please see A.M. Best’s press
release dated December 10, 2013.)
As of March 31, 2014, Principal’s debt-to-capital and interest coverage
ratios were well within A.M. Best’s guidelines for its current rating
level. Principal’s current ratings reflect its good financial
flexibility as well as the organization’s diversified operating
earnings, record assets under management and positive net flow. The
ratings also reflect the continued performance improvement in
Principal’s investment portfolio.
The methodology used in determining these ratings is Best’s Credit
Rating Methodology, which provides a comprehensive explanation of A.M.
Best’s rating process and contains the different rating criteria
employed in the rating process. Best’s Credit Rating Methodology can be
found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative
insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2014 by A.M. Best Company, Inc.ALL RIGHTS
A.M. Best Company, Inc.
Kate Steffanelli, 908-439-2200, ext. 5063
Johnson, CFA, 908-439-2200, ext. 5056
Assistant Vice President
Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public
Source: A.M. Best Company, Inc.