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Related Issuers
Principal Capital I
Principal Capital II
Principal Capital III
Principal Financial Global Funding II, LLC
Principal Financial Global Funding, LLC
Principal Financial Group (Australia) Pty Ltd
Principal Financial Group, Inc.
Principal Financial Services, Inc.
Principal Life Global Funding I
Principal Life Income Fundings Trust 1
Principal Life Income Fundings Trust 10
Principal Life Income Fundings Trust 11
Principal Life Income Fundings Trust 12
Principal Life Income Fundings Trust 17
Principal Life Income Fundings Trust 2
Principal Life Income Fundings Trust 2004-1
Principal Life Income Fundings Trust 2004-10
Principal Life Income Fundings Trust 2004-11
Principal Life Income Fundings Trust 2004-12
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Principal Life Income Fundings Trust 2004-17
Principal Life Income Fundings Trust 2004-18
Principal Life Income Fundings Trust 2004-19
Principal Life Income Fundings Trust 2004-2
Principal Life Income Fundings Trust 2004-20
Principal Life Income Fundings Trust 2004-21
Principal Life Income Fundings Trust 2004-22
Principal Life Income Fundings Trust 2004-23
Principal Life Income Fundings Trust 2004-24
Principal Life Income Fundings Trust 2004-25
Principal Life Income Fundings Trust 2004-26
Principal Life Income Fundings Trust 2004-27
Principal Life Income Fundings Trust 2004-28
Principal Life Income Fundings Trust 2004-29
Principal Life Income Fundings Trust 2004-3
Principal Life Income Fundings Trust 2004-30
Principal Life Income Fundings Trust 2004-31
Principal Life Income Fundings Trust 2004-32
Principal Life Income Fundings Trust 2004-33
Principal Life Income Fundings Trust 2004-34
Principal Life Income Fundings Trust 2004-35
Principal Life Income Fundings Trust 2004-36
Principal Life Income Fundings Trust 2004-37
Principal Life Income Fundings Trust 2004-38
Principal Life Income Fundings Trust 2004-39
Principal Life Income Fundings Trust 2004-4
Principal Life Income Fundings Trust 2004-40
Principal Life Income Fundings Trust 2004-41
Principal Life Income Fundings Trust 2004-42
Principal Life Income Fundings Trust 2004-43
Principal Life Income Fundings Trust 2004-44
Principal Life Income Fundings Trust 2004-45
Principal Life Income Fundings Trust 2004-46
Principal Life Income Fundings Trust 2004-47
Principal Life Income Fundings Trust 2004-48
Principal Life Income Fundings Trust 2004-49
Principal Life Income Fundings Trust 2004-5
Principal Life Income Fundings Trust 2004-50
Principal Life Income Fundings Trust 2004-51
Principal Life Income Fundings Trust 2004-52
Principal Life Income Fundings Trust 2004-53
Principal Life Income Fundings Trust 2004-54
Principal Life Income Fundings Trust 2004-55
Principal Life Income Fundings Trust 2004-56
Principal Life Income Fundings Trust 2004-57
Principal Life Income Fundings Trust 2004-58
Principal Life Income Fundings Trust 2004-59
Principal Life Income Fundings Trust 2004-6
Principal Life Income Fundings Trust 2004-60
Principal Life Income Fundings Trust 2004-61
Principal Life Income Fundings Trust 2004-62
Principal Life Income Fundings Trust 2004-63
Principal Life Income Fundings Trust 2004-64
Principal Life Income Fundings Trust 2004-65
Principal Life Income Fundings Trust 2004-66
Principal Life Income Fundings Trust 2004-67
Principal Life Income Fundings Trust 2004-68
Principal Life Income Fundings Trust 2004-69
Principal Life Income Fundings Trust 2004-7
Principal Life Income Fundings Trust 2004-70
Principal Life Income Fundings Trust 2004-71
Principal Life Income Fundings Trust 2004-72
Principal Life Income Fundings Trust 2004-73
Principal Life Income Fundings Trust 2004-74
Principal Life Income Fundings Trust 2004-75
Principal Life Income Fundings Trust 2004-76
Principal Life Income Fundings Trust 2004-77
Principal Life Income Fundings Trust 2004-78
Principal Life Income Fundings Trust 2004-79
Principal Life Income Fundings Trust 2004-8
Principal Life Income Fundings Trust 2004-80
Principal Life Income Fundings Trust 2004-81
Principal Life Income Fundings Trust 2004-9
Principal Life Income Fundings Trust 2005-1
Principal Life Income Fundings Trust 2005-10
Principal Life Income Fundings Trust 2005-100
Principal Life Income Fundings Trust 2005-101
Principal Life Income Fundings Trust 2005-103
Principal Life Income Fundings Trust 2005-104
Principal Life Income Fundings Trust 2005-105
Principal Life Income Fundings Trust 2005-106
Principal Life Income Fundings Trust 2005-107
Principal Life Income Fundings Trust 2005-108
Principal Life Income Fundings Trust 2005-109
Principal Life Income Fundings Trust 2005-11
Principal Life Income Fundings Trust 2005-110
Principal Life Income Fundings Trust 2005-111
Principal Life Income Fundings Trust 2005-112
Principal Life Income Fundings Trust 2005-115
Principal Life Income Fundings Trust 2005-118
Principal Life Income Fundings Trust 2005-119
Principal Life Income Fundings Trust 2005-12
Principal Life Income Fundings Trust 2005-120
Principal Life Income Fundings Trust 2005-121
Principal Life Income Fundings Trust 2005-122
Principal Life Income Fundings Trust 2005-123
Principal Life Income Fundings Trust 2005-13
Principal Life Income Fundings Trust 2005-14
Principal Life Income Fundings Trust 2005-15
Principal Life Income Fundings Trust 2005-16
Principal Life Income Fundings Trust 2005-17
Principal Life Income Fundings Trust 2005-18
Principal Life Income Fundings Trust 2005-19
Principal Life Income Fundings Trust 2005-2
Principal Life Income Fundings Trust 2005-20
Principal Life Income Fundings Trust 2005-21
Principal Life Income Fundings Trust 2005-22
Principal Life Income Fundings Trust 2005-23
Principal Life Income Fundings Trust 2005-24
Principal Life Income Fundings Trust 2005-25
Principal Life Income Fundings Trust 2005-26
Principal Life Income Fundings Trust 2005-27
Principal Life Income Fundings Trust 2005-28
Principal Life Income Fundings Trust 2005-29
Principal Life Income Fundings Trust 2005-3
Principal Life Income Fundings Trust 2005-33
Principal Life Income Fundings Trust 2005-34
Principal Life Income Fundings Trust 2005-38
Principal Life Income Fundings Trust 2005-39
Principal Life Income Fundings Trust 2005-4
Principal Life Income Fundings Trust 2005-40
Principal Life Income Fundings Trust 2005-49
Principal Life Income Fundings Trust 2005-50
Principal Life Income Fundings Trust 2005-51
Principal Life Income Fundings Trust 2005-52
Principal Life Income Fundings Trust 2005-53
Principal Life Income Fundings Trust 2005-57
Principal Life Income Fundings Trust 2005-58
Principal Life Income Fundings Trust 2005-59
Principal Life Income Fundings Trust 2005-6
Principal Life Income Fundings Trust 2005-66
Principal Life Income Fundings Trust 2005-67
Principal Life Income Fundings Trust 2005-68
Principal Life Income Fundings Trust 2005-69
Principal Life Income Fundings Trust 2005-7
Principal Life Income Fundings Trust 2005-70
Principal Life Income Fundings Trust 2005-71
Principal Life Income Fundings Trust 2005-72
Principal Life Income Fundings Trust 2005-73
Principal Life Income Fundings Trust 2005-74
Principal Life Income Fundings Trust 2005-75
Principal Life Income Fundings Trust 2005-76
Principal Life Income Fundings Trust 2005-77
Principal Life Income Fundings Trust 2005-78
Principal Life Income Fundings Trust 2005-79
Principal Life Income Fundings Trust 2005-8
Principal Life Income Fundings Trust 2005-80
Principal Life Income Fundings Trust 2005-81
Principal Life Income Fundings Trust 2005-82
Principal Life Income Fundings Trust 2005-83
Principal Life Income Fundings Trust 2005-84
Principal Life Income Fundings Trust 2005-85
Principal Life Income Fundings Trust 2005-86
Principal Life Income Fundings Trust 2005-87
Principal Life Income Fundings Trust 2005-88
Principal Life Income Fundings Trust 2005-89
Principal Life Income Fundings Trust 2005-9
Principal Life Income Fundings Trust 2005-90
Principal Life Income Fundings Trust 2005-91
Principal Life Income Fundings Trust 2005-92
Principal Life Income Fundings Trust 2005-93
Principal Life Income Fundings Trust 2005-94
Principal Life Income Fundings Trust 2005-95
Principal Life Income Fundings Trust 2005-96
Principal Life Income Fundings Trust 2005-97
Principal Life Income Fundings Trust 2005-98
Principal Life Income Fundings Trust 2005-99
Principal Life Income Fundings Trust 3
Principal Life Income Fundings Trust 4
Principal Life Income Fundings Trust 5
Principal Life Income Fundings Trust 6
Principal Life Income Fundings Trust 7
Principal Life Income Fundings Trust 8
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Principal Life Insurance Company
Announcement:

MOODY'S AFFIRMS PRINCIPAL FINANCIAL'S RATINGS FOLLOWING ACQUISITION ANNOUNCEMENT

26 Jul 2006
MOODY'S AFFIRMS PRINCIPAL FINANCIAL'S RATINGS FOLLOWING ACQUISITION ANNOUNCEMENT

New York, July 26, 2006 -- Moody's Investors Service affirmed the Baa2 preferred stock rating of Principal Financial Group, Inc. (PFG) with a stable outlook, following the announcement by PFG that it had signed a definitive agreement to acquire WM Advisors, Inc. (WM) - manager of the WM Group of Funds - and its subsidiaries, from Washington Mutual Inc. (WaMu) for $740 million in cash, subject to closing adjustments. The Aa2 long-term insurance financial strength rating (IFSR) and the Prime-1 short-term IFSR of PFG's primary life insurance subsidiary, Principal Life Insurance Company (Principal Life), were also affirmed with a stable outlook, as were other affiliated ratings (see list below). The rating and outlook affirmations were based on the relatively modest impact of the transaction on PFG's consolidated financial leverage and debt coverage ratios, and on Principal Life's statutory capital. The transaction is expected to close in the fourth quarter of 2006, subject to regulatory and other approvals.

Commenting on the transaction, Moody's said that while WM, with approximately $26 billion of assets under management (AUM) at May 31, 2006, would bring both needed scale and new distribution opportunities to PFG's growing, but still relatively modest fund operations, it views asset management acquisitions as among the most difficult to execute and integrate successfully. The buyer of an asset management operation must retain key fund managers, sustain sales volumes, and maintain fund performance, while retaining AUM - a difficult task, as PFG itself experienced with its troubled Bankers Trust Australia acquisition in 1999.

However, because the financing of the transaction will have only a modest financial impact on PFG and Principal Life, Moody's affirmed all of the ratings of PFG and its affiliates with a stable outlook.

The rating agency noted that PFG plans to finance roughly 50% of the WM acquisition with debt, and the remainder from internal funds, including a possible dividend from Principal Life. Although PFG's consolidated financial leverage will fall and its interest coverage ratio will rise following the transaction (proforma 1Q'06), and Principal Life's NAIC RBC ratio will decline somewhat, they will still be well within Moody's expectations for a Aa-rated company. Leverage and coverage ratios are expected to return to 1Q'06 ranges (i.e., close to 19% and 8.7x, for adjusted financial leverage and cash coverage, respectively) by year-end 2006.

Going forward, factors that could lead to a rating upgrade include: significant expansion of Principal Life's core full-service and qualified pension and life insurance franchises, resulting in a sustainable increase in statutory net income (20% or more) over several consecutive quarters; a permanent reduction in PFG's consolidated adjusted GAAP financial leverage to below 15%; and a NAIC RBC ratio above 400% on a consistent basis.

Factors that could result in a rating downgrade include: a sizable acquisition (over $750 million) or expansion into new/higher risk/foreign business; material deterioration of Principal Life's core full-service and qualified pension business, with permanent reduction of statutory net income by 20% or more over several consecutive quarters; increase in "investment-only" institutional spread business to over 35% of general account reserves at Principal Life; consolidated financial leverage at PFG of above 25%; or a reduction in NAIC RBC ratio to below 350%.

The following ratings were affirmed with a stable outlook:

Principal Financial Group, Inc.: senior unsecured debt shelf at (P)A3; subordinated and junior subordinate debt shelfs at (P)Baa1; preferred stock at Baa2.

Principal Capital I, II and III: preferred stock at (P)Baa1.

Principal Life Insurance Company: insurance financial strength at Aa2; short-term insurance financial strength at P-1; surplus notes at A1;

Principal Financial Services, Inc.: commercial paper at P-1;

Principal Financial Group, (Australia) PTY (assumed and guaranteed by Principal Financial Services Inc.): senior debt at A2;

Principal Financial Global Funding, LLC: senior debt rating at Aa2;

Principal Life Global Funding: senior debt at Aa2;

Principal Life Income Fundings Trusts: senior debt at Aa2.

The last rating action took place on April 3, 2006, when Moody's assigned a Aa2 long-term debt rating and stable rating outlook to the funding agreement-backed European note program of Principal Financial Global Funding II (PFGF-II) LLC.

Principal Financial Group, Inc. is a diversified life insurance and financial services group based in Des Moines, Iowa. Principal Life Insurance Company is its lead operating company. At March 31, 2006, Principal Financial Group, Inc. reported consolidated GAAP assets of approximately $132 billion and consolidated GAAP shareholders' equity of $7.6 billion. At March 31, 2006, Principal Life Insurance Company had total statutory assets of approximately $112 billion, and adjusted statutory capital of approximately $3.5 billion.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to repay punctually senior policyholder claims and obligations. For more information, visit our website at www.moodys.com/insurance.

New York
Robert Riegel
Managing Director
Life Insurance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Laura Bazer
VP - Senior Credit Officer
Life Insurance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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