TEXT-S&P rates Principal Financial's notes 'BBB+'

Sept 5 - Standard & Poor's Ratings Services said today that it assigned its
'BBB+' rating to Principal Financial Group Inc.'s issuances of $300
million of senior unsecured notes due in 2022 and $300 million of senior
unsecured notes due 2042. Principal will use the proceeds for general corporate
purposes, which may include repaying $400 million in higher-coupon debt
outstanding due in 2014, funding potential acquisitions, and organic growth.

As of June 30, 2012, Principal Financial Group Inc. reported total assets of
$152.1 billion and total shareholders' equity of $9.4 billion. The company
reported strong pretax operating earnings, excluding realized gains and
losses, of $518.6 million for the first six months of the year, producing a
return on assets of 0.69%. As of June 30, 2012, Principal Financial had a
satisfactory debt leverage ratio of 21% and a total financial leverage ratio
of 27% relative to the rating level. Given the company's strong earnings
generation, EBIT fixed-charge coverage was a healthy 6.1x for the first six
months of the year. Post issuance, Principal Financial Group will have a debt
leverage ratio of 23%, total financial leverage ratio of 28%, and fixed-charge
coverage of 6.0x.

RELATED CRITERIA AND RESEARCH

Holding Company Analysis, June 11, 2009

RATINGS LIST
Principal Financial Group Inc.
Counterparty Credit Rating BBB+/Stable/--

New Rating
Principal Financial Group Inc.
$300 Mil. Sr. Unsec. Notes Due 2022 BBB+
$300 Mil. Sr. Unsec. Notes Due 2042 BBB+

Complete ratings information is available to subscribers of RatingsDirect on
the Global Credit Portal at www.globalcreditportal.com. All ratings affected
by this rating action can be found on Standard & Poor's public Web site at
www.standardandpoors.com. Use the Ratings search box located in the left
column.