...March 31, 2020 NEW YORK (S&P Global Ratings) March 31, 2020--S&P Global Ratings today assigned its 'A' senior unsecured debt rating to Ameriprise Financial Inc.'s (AMP) proposed notes issuance. We expect AMP to use the offering proceeds for general corporate purposes. Following this issuance, and adjusting for $750 million senior debt repaid in March 2020, we expect AMP's financial leverage (including unfunded pension obligations and present value of operating leases), pro forma for year-end 2019, to be around 36% on a reported equity basis (less than 40% excluding accumulated other comprehensive income). We expect EBITDA fixed-charge coverage to remain well above 8x in 2020. We also expect AMP to manage its debt conservatively to avoid any debt-funded, double-leverage impact on its capitalization. Our ratings on AMP are based on its diversified products, including advice and wealth management, asset management, annuities, and protection products, as well as its solid operating performance....
