...August 1, 2019 NEW YORK (S&P Global Ratings) Aug. 1, 2019--S&P Global Ratings said today that it assigned its '###' debt rating to Allstate Corp.'s issuance of perpetual preferred shares. The two-notch difference between our rating on the preferred shares and our issuer credit rating on Allstate reflects the issue's subordination and optional dividend-deferral features. We expect the company to use these proceeds for general corporate purposes including potential repurchase of outstanding preferred stock. On a pro-forma basis, we expect these issuances to have minimal impact on financial metrics, with financial leverage of about 31% and coverage in the 7x-8x range over the next 24 months. The Series H fixed-rate noncumulative perpetual preferred stock will not be subject to any mandatory redemption, sinking fund, or other similar provisions. Allstate can redeem the preferred shares after five years. We would classify the preferred shares as having intermediate equity content under our hybrid...
