S&P rates Ameriprise notes A

Standard & Poor's said it assigned an A rating on Ameriprise Financial Inc.'s $300 million senior unsecured notes due 2019.

The outlook remains negative.

"We expect the company to use proceeds from the notes to prefund a portion of the $800 million that it has scheduled to mature in the fall of 2010," S&P analyst Ovadiah Jacob said in a statement.

"Our ratings on Ameriprise Financial and its insurance subsidiaries are based on the group's very strong controlled distribution network led by about 12,000 financial advisors and a marketing approach that provides excellent customer relationships," Jacob said.

Other strengths include market leading positions in retail variable annuities and variable universal life insurance, a global asset management platform with a focus in the United States and the United Kingdom, strong diversified earnings and very strong capitalization, the agency said.

Partially offsetting these strengths is the sensitivity of Ameriprise Financial's earnings and capitalization to equity and credit markets, the agency noted.

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