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Allstate Corp.'s $800 Million Sr. Unsec Debt Issue Assigned 'A+' Rtg May 05
Standard & Poors, May 2005
Abstract
NEW YORK (Standard & Poor's) May 6, 2005--Standard & Poor's Ratings Services said today that it assigned its 'A+' senior debt rating to Allstate Corp.'s (NYSE:ALL) $800 million senior unsecured notes due May 2035. This is a drawdown from the company's existing $2.15 billion shelf registration program. 'The 'A+' rating on Allstate Corp. reflects nonstandard notching with a two-notch differential from the 'AA' ratings on its principal operating companies (i.e., Allstate Insurance Co. and Allstate Life Insurance Co.),' explained Standard & Poor's credit analyst Mohammed Ashab. 'This is reflective of Allstate Corp's very strong cash flows from its operating companies, very strong debt leverage (as measured by debt to total capital at 21.2%), very strong coverage ratios (interest and fixed-charge...
Companies mentioned in this report are: Allstate Corp.,Allstate Insurance Co.,Allstate Life Insurance Co.
Action: Affirmed
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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