S&P revises Principal Financial view to negative

S&P said it revised the outlook for Principal Financial Group Inc. and its subsidiaries to negative from stable and affirming its ratings.

“While the group maintains its diverse business profile, earnings from its asset management businesses are under pressure because of the global recession, as are revenues from the small to medium-size businesses to which PFG provides benefits due to nationwide lockdowns,” S&P said in a press release.

The negative outlook reflects the agency’s concerns capital could become deficient at the satisfactory level, per S&P’s model, over the outlook horizon, S&P said.

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