Allstate Corp. Series G Noncumulative Perpetual Preferred Stock Rated 'BBB-'

NEW YORK (S&P Global Ratings) March 26, 2018--S&P Global Ratings said today that it corrected the rating on Allstate Corp.'s (Allstate) Series G fixed-rate noncumulative perpetual preferred stock by revising it to 'BBB-' from 'BBB'. The 'BBB' rating assigned to the Series G fixed-rate earlier today was the result of an error. This action corrects that error. The ratings on the Series G preferred stock are linked to our issuer credit rating on Allstate. The three-notch difference on the Series G preferred stock rating reflects the issue's subordination and dividend-deferral features. We expect the company to use the proceeds from the Series G preferred stock issuance for general corporate purposes including the potential repurchase of certain outstanding preferred stock. On

...NEW YORK (S&P Global Ratings) March 26, 2018--S&P Global Ratings said today that it corrected the rating on Allstate Corp.'s (Allstate) Series G fixed-rate noncumulative perpetual preferred stock by revising it to '###-' from '###'. The '###' rating assigned to the Series G fixed-rate earlier today was the result of an error. This action corrects that error. The ratings on the Series G preferred stock are linked to our issuer credit rating on Allstate. The three-notch difference on the Series G preferred stock rating reflects the issue's subordination and dividend-deferral features. We expect the company to use the proceeds from the Series G preferred stock issuance for general corporate purposes including the potential repurchase of certain 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 G fixed-rate noncumulative...

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