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Allstate Corp. And Subsidiaries Outlook Revised To Negative; Ratings Affirmed Oct 08
Standard & Poors, Oct 2008
Abstract
NEW YORK (Standard & Poor's) Oct. 23, 2008--Standard & Poor's Ratings Services said today that it revised its outlook on Allstate Corp. (Allstate), Allstate Insurance Co. (AIC) and its property/casualty affiliates (collectively, Allstate Protection), and Allstate Life Insurance Co. and its life insurance affiliates (collectively Allstate Financial) to negative from stable. Standard & Poor's also said that it affirmed its 'A+' counterparty credit rating on Allstate and its 'AA' counterparty credit and financial strength ratings on Allstate Protection and Allstate Financial. 'The negative outlook reflects the significant deterioration in capital adequacy to the strong level from very strong,' explained Standard & Poor's credit analyst Neil Stein. 'This resulted from a combination of sizable catastrophe losses and realized investment losses, investment...
Companies mentioned in this report are: Allstate Corp.,Allstate Insurance Co.,Allstate Life Insurance Co.
Action: Outlook: Negative
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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