Moody's rates Ameriprise notes A3

Moody's Investors Service said it has assigned an A3 rating (negative outlook) to the senior unsecured notes, maturing June 2039, to be issued by Ameriprise Financial, Inc. (A3 for senior debt).

The proceeds of the notes are expected to be used principally to repay $800 million of debt maturing in November 2010 and for general corporate purposes, the agency said, noting that the 30-year senior notes will pay interest at a fixed interest rate, and they are a drawdown from a recently filed shelf registration.

Moody's said that the issuance of this debt should be the first in a series of actions to address the maturing debt while additional capital raising activities are expected to take place as market conditions permit.

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