On May 6, 2005, Standard&Poor's Ratings Services assigned its 'A+' senior debt rating to Allstate Corp.'s (NYSE:ALL) $800 million senior unsecured notes due May 2035. This is a drawdown from the company's existing $2.15 billion shelf registration program. The 'A+' rating on Allstate Corp. reflects nonstandard notching with a two-notch differential from the 'AA' ratings on its principal operating companies (i.e., Allstate Insurance Co. and Allstate Life Insurance Co.). This is reflective of Allstate Corp's very strong cash flows from its operating companies, very strong debt leverage (as measured by debt to total capital at 21.2%), very strong coverage ratios (interest and fixed-charge coverage at 12.1x), and Allstate's diversified sources of earnings from life and property/casualty operations. Furthermore,
