A.M. Best Places Financial Strength Rating of IDS Life and Subsidiaries Under Review With Negative Implications.OLDWICK, N.J. -- A.M. Best Co. has placed the financial strength rating of A+ (Superior) of IDS Life Insurance Company (IDS Life) (Minneapolis, MN) and its subsidiaries under review with negative implications following today's announcement that its ultimate parent, American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. Company (AXP The brand name Digital gave to its first family of Alpha-based computers. In 1998, Digital was acquired by Compaq. See Alpha. ) (NYSE NYSE See: New York Stock Exchange : AXP), plans to spin off its full ownership of American Express Financial Corporation (AEFC AEFC Aerospace Expeditionary Force Center ) in a tax-free distribution to AXP shareholders. AEFC is currently the holding company for AXP's financial advisory, insurance and asset management businesses. The rating will remain under review until A.M. Best meets with management to discuss the details surrounding the stand-alone organization's strategic and financial plans, including the holding company's capital structure and sources of liquidity, future capitalization levels of the operating subsidiaries as well as the AEFC's potential distribution and branding strategies. The financial strength rating of A+ (Superior) has been placed under review with negative implications for IDS Life and its following subsidiaries: --American Centurion Life Assurance Company --American Enterprise Life Insurance Company --American Partners Life Insurance Company --IDS Life Insurance Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. |
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