Strong debt leverage, interest, and fixed-charge coverage. Diversified earnings stream and strong cash flows from operating companies. Excess capital at Kennett Capital, a wholly owned investment company. Exposure to potential large catastrophic events from its property/casualty operations. Recurring adverse asbestos reserve development. The counterparty credit rating on Allstate Corp. (Allstate) is based on the company's strong debt leverage, interest, and fixed-charge coverage; its diversified earnings stream that results from its core operating companies; strong cash flows from its operating companies; and the availability of excess capital at Kennett Capital. Partially offsetting these positive factors are the company's exposure to potential large catastrophic events from its property/casualty operations and recurring adverse asbestos reserve developments. Debt leverage (as measured by debt to
