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Allstate Corp.'s $550M, Five-Year, 5.375% Notes Rated 'A+' Nov 01
Standard & Poors, November 2001
NEW YORK (Standard & Poor's) Nov. 28, 2001--Standard & Poor's today assigned its single-'A'-plus senior debt rating to Allstate Corp.'s (Allstate) $550 million, five-year notes issuance, which was sold at a 5.375% coupon rate. Allstate intends to use the net proceeds from this offering to fund the redemption of approximately $550 million of 7.95% junior subordinated deferrable interest debentures, Series A on its balance sheet. In turn, all 22 million shares of the 7.95% cumulative quarterly income preferred securities, Series A, issued by Allstate Financing I in 1996, will be redeemed on Dec. 7, 2001. After the transaction, Allstate's financial leverage (i.e., debt plus preferred as a percent of capitalization) is expected to remain unchanged at a level below 20%....
Companies mentioned in this report are: Allstate Corp.,Allstate Insurance Co.,Allstate Life Insurance Co.,Allstate Financing I
Action: New Rating
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
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Allstate Corp.,Allstate Insurance Co.,Allstate Life Insurance Co.,Allstate Financing I