On May 16, 2006, Standard & Poor's Ratings Services assigned its 'BBB' junior subordinated debt rating to Ameriprise Financial Inc.'s (NYSE:AMP; A-/Positive/--) $500 million junior subordinated notes due May 2066. The rating on this issuance reflects both the subordinated position of the security and the security's optional deferral provision. The incremental risk of deferral posed by the mandatory deferral triggers were substantially reduced by an alternative coupon satisfaction mechanism, that requires stock issuance 30 days before an interest payment date if a trigger has occurred. Although such stock issuance is subject to a cap, Standard & Poor's believes that application of such a cap is remote even should a stress scenario occur. The issuance is part of Ameriprise's capital-management program
