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Related Issuers
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Principal Life Insurance Company
Rating Action:

Moody's affirms Principal's ratings; outlook changed to negative

10 Feb 2009

New York, February 10, 2009 -- Moody's has affirmed the A2 senior debt rating of Principal Financial Group, Inc. (NYSE: PFG) and the Aa2 insurance financial strength (IFS) rating of Principal Life Insurance Company, but changed the outlook to negative from stable because of continuing investment losses and weakening earnings capacity.

The rating action follows PFG's announcement of fourth quarter and full-year 2008 results, including net income of $425 million for 2008, compared with $827 million for 2007. The decline is due largely to realized capital losses, which totaled $505 million, and the impact of a weak economy and depressed equity market on PFG's earnings.

Moody's said that the rating affirmation is based on PFG's strong position in the U.S. group pension markets, solid profitability, conservative asset-liability management, and the company's excellent capital adequacy and strong liquidity. Management's decision, in the second half of 2008, to suspend share repurchases and cut shareholder dividends has allowed Principal Life to build strong capital and liquidity to meet its operating needs and maturing debt liabilities in the continuing stressful operating environment in 2009.

Commenting on the negative outlook, Laura Bazer, Vice President and Senior Credit Officer said: "The company's pension and asset management businesses are highly sensitive to equity market risk, and to the weakening economy. This, together with additional asset impairments, will continue to depress earnings in 2009."

While Principal's investment exposure to subprime and Alt-A RMBS securities is generally modest, asset losses will continue to emerge from other real estate-related and structured holdings (i.e., CMBS, commercial mortgage loans, etc.), as well as rising corporate defaults.

The rating agency noted the ultimate economic losses from Principal's investments are likely to be significantly less than current market values suggest (approximately $4 billion of net unrealized losses) and its stable, long-term liability profile and good liquidity mitigate the need to dispose of assets at current distressed prices.

According to Moody's, the following factors could result in a downgrade of Principal's ratings: 1) NAIC RBC ratio below 350%; 2) pre-tax investment losses in excess of $500 million in 2009; 3) consolidated financial leverage at PFG of more than 30%, and cashflow coverage of less than 5x; 4) material deterioration of Principal Life's core 401(k) defined contribution business leading to significant reduction in market position; or 5) a sizable acquisition (in excess of $1 billion) or expansion into new/higher risk/foreign business.

The following factors could change the negative outlook back to stable: 1) NAIC RBC ratio consistently above 400%, 2) returns on equity consistently above 12%, 3) consolidated financial leverage below 25% and cashflow coverage above 8x; or 4) pre-tax asset investment losses well below $500 million in 2009.

The following ratings were affirmed with a negative outlook:

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

Principal Income Fundings Trusts: senior secured debt at Aa2;

Principal Global Funding LLC, Principal Global Funding I, Principal Global Funding II, LLC: senior secured debt at Aa2;

Principal Financial Group Australia (Pty) Ltd (guaranteed by Principal Financial Services, Inc.): senior debt at A2;

Principal Financial Group, Inc.: senior unsecured debt (guaranteed by Principal Financial Services, Inc.) at A2; provisional senior unsecured debt shelf at (P) A3 (not guaranteed); provisional subordinated debt shelf at (P) Baa1 (not guaranteed); provisional preferred stock shelf at (P) Baa2 (not guaranteed).

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

The following ratings were affirmed with a stable rating outlook:

Principal Life Insurance Company: short-term insurance financial strength at Prime-1;

Principal Financial Services, Inc.: short-term rating for commercial paper at Prime-1.

Principal Financial Group, Inc. is a diversified life insurance and financial services group based in Des Moines, Iowa. At December 31, 2008, it reported consolidated GAAP assets of approximately $128 billion and consolidated GAAP shareholders' equity of approximately $3 billion. Principal Life Insurance Company is the lead operating company of Principal Financial Group, Inc. At September 30, 2008, Principal Life Insurance Company had statutory assets of $127 billion, and statutory capital of approximately $4.4 billion.

The last rating action on PFG took place on November 7, 2008, when Moody's affirmed the group's ratings with a stable rating outlook.

The principal methodology used in rating Principal Life is "Moody's Global Rating Methodology for Life Insurers", which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating Principal Life can also be found in the Credit Policy & Methodologies directory.

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

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

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

Moody's affirms Principal's ratings; outlook changed to negative
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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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