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Allstate Corp. $500 Million Senior Unsecured Notes Rated 'A-' Jan 12
Standard & Poors, Jan 2012
Abstract
NEW YORK (Standard & Poor's) Jan. 9, 2012--Standard & Poor's Ratings Services said today that it assigned its 'A-' rating to Allstate Corp.'s (NYSE:ALL; A-/Negative/A-2) $500 million, senior unsecured notes. We expect Allstate to use the proceeds from the senior unsecured notes to refinance $350 million of 6.125% senior unsecured notes maturing in February 2012, and to use the remainder for general corporate purposes including part of a new $1 billion share repurchase program. The notes will increase leverage modestly, but we believe that fixed-charge coverage will remain within our expectations of 7x, and the company's debt plus hybrids-to-total capital ratio will be less than 35%. Total interest expense will increase from current levels due to the incremental additional outstanding...
Companies mentioned in this report are: Allstate Corp.
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
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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