NEW YORK (Standard&Poor's) June 11, 2003--Standard&Poor's Ratings Services said today that it lowered its long-term counterparty credit and financial strength ratings on the members of Allstate Financial Group to 'AA' from 'AA+' following its ongoing review of the group's prospective financial performance and competitive position in the savings and retirement businesses. Standard&Poor's also said that the outlook on these companies is stable. The ratings on Allstate Insurance Co. and Allstate Corp. are unaffected by today's rating action. "The ratings were lowered because of several factors, including Standard&Poor's negative outlook on the life insurance industry, the recent deterioration in the group's earnings compared with prior periods, and Standard&Poor's revised view of
