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A.M. Best Assigns Indicative Issue Credit Ratings to Principal Financial Group, Inc.'s New Shelf Registration
[May 16, 2017]

A.M. Best Assigns Indicative Issue Credit Ratings to Principal Financial Group, Inc.'s New Shelf Registration

A.M. Best has assigned indicative Long-Term Issue Credit 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) (headquartered in Des Moines, IA) [NYSE:PFG]. The outlook assigned to the Credit Ratings (ratings) is stable. The new shelf registration was filed on May 3, 2017 and replaces Principal's previous shelf. Consequently, A.M. Best has withdrawn the ratings for the previous shelf registration. All remaining ratings of Principal and its subsidiaries are unchanged. (For detailed listing, please view A.M. Best's press release dated January 25, 2017.)

As of March 31, 2017, Principal's debt-to-capital and interest coverage ratios were well within A.M. Best's guidelines for its current rating level. Principal's ratings reflect the continued solid risk-adjusted capitalization of the organization; as well as its well-managed balance sheet; its strong businss profile, reflecting diverse products and distribution channels; and the company's consistently favorable operating results. Partially offsetting these positive attributes is Principal's elevated exposure to higher risk assets, which are predominantly real-estate related assets and lower-rated bonds, as well as its growing exposure to country risk, specifically as several of the countries Principal operates in possess moderate levels of political and financial risk.

This press release relates to Credit Ratings that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best's Credit Ratings.

A.M. Best is the world's oldest and most authoritative insurance rating and information source. For more information, visit

Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

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