NEW YORK (Standard&Poor's) Feb. 24, 2014--Standard&Poor's Ratings Services said today that it has assigned its 'BBB-' debt rating to Allstate Corp.'s (NYSE:ALL) proposed noncumulative perpetual preferred stock series E. We based the rating on three notches of subordination to our 'A-' long-term counterparty credit and senior debt ratings on Allstate. This is one notch of additional subordination more than we usually assign to preferred stock issues, reflecting the subordinating effect of the mandatory deferral triggers that are embedded in the securities. We expect the preferred stock to qualify 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
