S&P ups Ameriprise outlook to stable

Standard & Poor's said it revised its outlook on Ameriprise Financial Inc. and its insurance subsidiaries - RiverSource Life Insurance Co. and RiverSource Life Insurance Co. of New York - to stable from negative.

At the same time, the agency said it affirmed its A counterparty credit rating on Ameriprise Financial and its AA- counterparty credit and financial strength ratings on the operating companies.

"Pre-tax earnings in 2009 rebounded from lows seen in 2008, and were down 9% off of highs in 2007, and are expected to fully recover in 2010," said S&P credit analyst Ovadiah N. Jacob.

Overall, the ratings reflect Ameriprise Financial's very strong controlled distribution network led by about 11,500 financial advisors, and a marketing approach that provides excellent customer relationships, the agency said.

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