NEW YORK (Standard&Poor's) Aug. 5, 2013--Standard&Poor's Ratings Services said today that it assigned its 'BBB' debt rating to Allstate Corp.'s (NYSE:ALL) subordinated debt, reflecting the subordinating effect of deferrable coupons. We treat the subordinated debt as intermediate equity content. Allstate's proposed hybrid issuance is a part of its previously announced capital-management plans. We expect Allstate to use the proceeds from this offering to pay down its commercial paper borrowings that were used to complete its recent debt tender, to prefund $950 million of debt due in 2014, to complete its existing share repurchase program, and for general corporate purposes. The group's financial flexibility is strong and neutral to the rating. We expect Allstate to produce moderate
