NEW YORK (Standard&Poor's) July 24, 2008--Standard&Poor's Ratings Services said today that it is taking no rating action on Allstate Corp. (NYSE:ALL; A+/Stable/A-1) or its subsidiaries following Allstate's announcement that it had a pretax loss of $86 million for second-quarter 2008 compared with pretax income of $2.0 billion for the same quarter of 2007. Allstate's announced restructuring of the investment portfolio and declaration of a basket of securities for which it no longer intends to hold to recovery resulted in a $1.1 billion other-than-temporary-impairment (OTTI) charge to earnings. This charge is relative to total investments of $113.6 billion as of June 30, 2008. Unlike the more typical OTTI charges that reflect a deterioration of creditworthiness, this charge--triggered
