Research Update: Allstate Corp.'s Senior Unsecured Notes Rated 'A-'; Other Ratings Affirmed May 09
Standard & Poors, May 2009
Abstract
Second-largest domestic U.S. personal lines insurer Allstate Corp. is issuing senior unsecured notes. We are assigning our 'A-' senior debt rating on the issues. We are affirming our ratings on the core property/casualty and life insurance operating subsidiaries. The outlook remains negative, reflecting significant deterioration in the operating companies' capital adequacy, the potential for continued losses and capital strain at Allstate's life insurance unit, deteriorating underwriting results at Allstate's property-liability unit, and realized investment losses. On May 12, 2009, Standard & Poor's Ratings Services assigned its 'A-' senior debt rating on Allstate Corp.'s (NYSE:ALL) recently priced senior debt issue. At the same time, Standard & Poor's affirmed its 'A-' counterparty credit rating on ALL and its 'AA-' counterparty credit and...
Companies mentioned in this report are: Allstate Corp.,Allstate Insurance Co.,Allstate Life Insurance Co.,Lincoln Benefit Life Co.,Northbrook Life Insurance Co.,Surety Life Insurance Co.,Allstate Indemnity Co.,Allstate Property & Casualty Insurance Co.,Allstate Texas Lloyd's,Allstate County Mutual Insurance Co.,Northbrook Indemnity Co.,Allstate Life Insurance Co. of New York,Glenbrook Life & Annuity Co.,American Heritage Life Insurance Co.,Deerbrook Insurance Co.
Action: Affirmed
Action: New Rating
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Allstate Corp.,Allstate Insurance Co.,Allstate Life Insurance Co.,Lincoln Benefit Life Co.,Northbrook Life Insurance Co.,Surety Life Insurance Co.,Allstate Indemnity Co.,Allstate Property & Casualty Insurance Co.,Allstate Texas Lloyd's,Allstate County Mutual Insurance Co.,Northbrook Indemnity Co.,Allstate Life Insurance Co. of New York,Glenbrook Life & Annuity Co.,American Heritage Life Insurance Co.,Deerbrook Insurance Co.
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