NEW YORK (Standard&Poor's) Feb. 9, 2011--Standard&Poor's Ratings Services said today that its ratings on Allstate Corp. (NYSE:ALL; A-/Stable/A-2) and its operating subsidiaries are not affected by the announcement that Allstate is exiting the banking business. As part of this transaction, approximately $1 billion in the deposits of Allstate Bank, which constitutes about 1% of Allstate's total assets, will be sold to Discover Financial Services. The transfer of deposits will not affect insurance policies and other nonbanking products. This transaction is consistent with management's strategic initiative to focus on insurance, retirement, and investment products, and it is expected to close by mid-year, subject to regulatory approval.
