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Article: Principal Mutual Life Rtgs Afrmd by S&P After Anncmnt.
- Article from:
- Business Wire
- Article date:
- September 18, 1997
CopyrightCOPYRIGHT 1997 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 9/17/97 -- Standard & Poor's today affirmed its ratings on Principal Mutual Life Insurance Co. (a.k.a. Principal Financial Group) following the company's announcement on Sep. 17 that it plans to form a mutual holding company under Iowa law, subject to policyowner and regulatory approval. The ratings affirmed are Principal's double-'A'-plus issuer credit and claims-paying ability ratings, and the 'A-1'-plus commercial paper rating. Also, Standard & Poor's has affirmed its double-'A'-minus subordinated debt rating of $300 million of surplus notes issued by the company.
If the restructuring is ...