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Allstate Financial Group Members Ratings Lowered to 'AA'; Outlook Stable Jun 03
Standard & Poors, June 2003
Abstract
NEW YORK (Standard & Poor's) June 11, 2003--Standard & Poor's Ratings Services said today that it lowered its long-term counterparty credit and financial strength ratings on the members of Allstate Financial Group to 'AA' from 'AA+' following its ongoing review of the group's prospective financial performance and competitive position in the savings and retirement businesses. Standard & Poor's also said that the outlook on these companies is stable. The ratings on Allstate Insurance Co. and Allstate Corp. are unaffected by today's rating action. 'The ratings were lowered because of several factors, including Standard & Poor's negative outlook on the life insurance industry, the recent deterioration in the group's earnings compared with prior periods, and Standard & Poor's revised view of...
Companies mentioned in this report are: Allstate Corp.,Allstate Insurance Co.,Allstate Life Insurance Co.
Action: Downgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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