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15 Dec 2005
MOODY'S WITHDRAWS Aa2 PROGRAM RATING OF PRINCIPAL LIFE GLOBAL FUNDING I, FOLLOWING ITS TERMINATION
New York, December 15, 2005 -- Moody's Investors Service has withdrawn the Aa2 debt rating on the medium-term-note
program of Principal Life Global Funding I (Principal Global Funding I).
This program has been discontinued by the company and its activities have
been replaced by other Aa2-rated medium-term-note
programs operated by Principal Financial Global Funding, LLC,
which can issue securities outside the U.S., and by
Principal Life Income Funding Trusts, an SEC-registered program,
which can issue both retail and institutional securities in the U.S.
For more information on the rating withdrawals, please refer to
Moody's Withdrawal Policy on moodys.com.
The notes issued by Principal Global Funding I are secured by funding-agreement
obligations issued by Principal Life Insurance Company (Principal Life,
rated Aa2 for insurance financial strength, stable outlook).
These Principal Life funding agreements are held on behalf of Principal
Global Funding I as collateral for the notes. The only sources
of funds for payment on the notes issued under this program are cash flows
arising from the Principal Life funding agreements.
Moody's will continue to rate each outstanding Principal Global Funding
I note until it matures. As of this date, there are approximately
$4.9 billion in such securities still outstanding.
The Aa2 insurance financial strength rating of Principal Life, the
lead company of the Principal Financial Group (PFG), is based on
its strong, broad-based position in the U.S.
markets for group pensions, and on its good earnings diversity from
other insurance and non-insurance businesses. It is also
based on the company's captive "wholesale" distribution channels,
its efficient, technology-based operations, and disciplined
financial, investment, and asset-liability management.
These strengths are tempered by the growing exposure of Principal Life's
core pension business to equity market risk and competitive pricing pressures,
by the continuing growth of its "investment-only" spread business,
and by the company's relatively high direct exposure to commercial mortgages
and real estate, in terms of total investments and capital (albeit
well managed). Although PFG's financial leverage has been modest
in recent quarters, public shareholder pressures for higher returns,
via common stock buybacks, dividends and/or acquisitions are likely
to keep financial leverage in the higher 20%-25%
range over time, albeit within our rating expectations. Principal
Life's nominal statutory capital and capital ratios, however,
have declined, and are below average.
As of September 30, 2005, Principal Life Insurance Company
had approximately $109 billion in consolidated statutory assets
and $4 billion in consolidated statutory capital.
Visit our Web site at www.moodys.com/insurance
Life Insurance Group
Moody's Investors Service
VP - Senior Credit Officer
Life Insurance Group
Moody's Investors Service
No Related Data.
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