NEW YORK (Standard&Poor's) Sept. 23, 2013--Standard&Poor's Ratings Services said today that it assigned its 'BBB-' debt rating to Allstate Corp.'s (NYSE:ALL) proposed noncumulative perpetual preferred stock, Series C. The rating is based on three notches of subordination to our 'A-' long-term counterparty credit and senior debt ratings on Allstate Corp. This is one notch of additional subordination more than we generally assign to preferred stock issues to reflect the subordinating effect of mandatory deferral triggers embedded in the securities. We treat the preferred stock as intermediate equity content under our criteria for hybrid securities. Generally, we do not consider the equity content as high because of a mandatory deferral feature for issues of entities rated 'A-'
