Fitch: Ameriprise outlook negative

Fitch Ratings said it changed Ameriprise Financial, Inc.'s outlook to negative from stable and affirmed its issuer default rating at A, $800 million 5.35% senior notes due 2010 and $700 million 5.65% senior notes due 2015 at A- and $500 million 7.518% junior subordinated notes due 2066 at BBB+.

The agency said the change reflects its updated review of Ameriprise's capitalization, liquidity and financial flexibility as well as the company's operating results and exposure to equity market volatility.

Ameriprise has a relatively large exposure to the equity markets through its variable annuity and asset management businesses. Fitch believes that Ameriprise has done an effective job mitigating this risk exposure to date but said further deterioration will pressure capital and earnings.

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