A.M. Best Assigns Debt Ratings to The Allstate Corporation's Newly Issued Debt Offerings

Before you go, we thought you'd like these...
Before you go close icon

A.M. Best Assigns Debt Ratings to The Allstate Corporation's Newly Issued Debt Offerings

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has assigned debt ratings of "a-" to the recently issued $500 million 3.15% fixed senior unsecured notes due 2023 and $500 million 4.5% fixed senior unsecured notes due 2043 of The Allstate Corporation (Allcorp) (Northbrook, IL) [NYSE: ALL]. Concurrently, A.M. Best has assigned a debt rating of "bbb" to the recently issued $287.5 million non-cumulative perpetual preferred stock. The outlook assigned to all ratings is stable.

The proceeds from the offerings are expected to be used to partially fund retirement of approximately $3.0 billion of outstanding debt in connection with Allcorp's recently announced capital restructuring plans and for general corporate purposes. The retirement of $3.0 billion includes the $1.8 billion principal amount of bonds tendered, the 2013 debt maturity of $250 million repaid in June and the $950 million pre-funded 2014 debt maturities.


The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visitwww.ambest.com.

Copyright © 2013 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.



A.M. Best
Michael T. Venezia
Senior Financial Analyst
908-439-2200, ext. 5034
michael.venezia@ambest.com
or
Gary Davis
Assistant Vice President
908-439-2200, ext. 5665
gary.davis@ambest.com
or
Rachelle Morrow
Senior Manager, Public Relations
908-439-2200, ext. 5378
rachelle.morrow@ambest.com
or
Jim Peavy
Assistant Vice President, Public Relations
908-439-2200, ext. 5644
james.peavy@ambest.com

KEYWORDS:   United States  Europe  North America  Illinois  New Jersey

INDUSTRY KEYWORDS:

The article A.M. Best Assigns Debt Ratings to The Allstate Corporation's Newly Issued Debt Offerings originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners