Ameriprise Financial Inc.'s noninsurance operations have grown to account for over 70% of adjusted earnings and more than 40% of group risk. We view the noninsurance operations as slightly higher risk and their capitalization as weaker than those of the insurance subsidiary RiverSource Life. We are lowering our issuer credit and senior unsecured debt ratings on Ameriprise to 'A-' from 'A' and the financial strength and issuer credit ratings on RiverSource Life and RiverSource Life of New York to 'A+' from 'AA-'. The outlook on Ameriprise and the two insurance companies is stable to reflect our expectation that Ameriprise will continue to post solid profitability and maintain supportive capitalization and good liquidity across the group, with retention of earnings supporting
