Excess holding company capital at Allstate Corp. partially mitigates a deficiency in capital adequacy. The company's competitive position, in our view, is weaker and will come under pressure as Allstate manages complex catastrophe and credit risks with a weaker capital base. We are revising our outlook on Allstate and its subsidiaries to negative from stable. We are also affirming our ratings on Allstate Corp. and its core property-liability companies and strategically important life insurance companies. On Nov. 2, 2011, Standard&Poor's Ratings Services revised its outlook on Allstate Corp. (Allstate), Allstate Insurance Co. (AIC), and its core property-liability insurance companies (collectively, Allstate Protection), as well as the life insurance companies we deem strategically important to the group (collectively, Allstate
