On Nov. 18, 2005, Standard&Poor's Ratings Services assigned its 'A-' senior unsecured debt rating to Ameriprise Financial Inc.'s (NYSE:AMP) $1.5 billion debt issuance. AMP is the recently spun-off holding company of American Express Financial Advisors, previously a division of American Express Co. (NYSE:AXP). The ratings are based on holding company's strong financials, the large initial funding from its previous parent, and extremely strong cash coverage because of its very strong life insurance and strong asset-management operations, supported by a unique financial advisory distribution channel. These positive factors are somewhat offset by the potential execution risks that come with the spin-off and lack of history as an independent public company. Part of the proceeds from debt issued under the
