Second-largest domestic U.S. personal lines insurer Allstate Corp. is issuing senior unsecured notes. We are assigning our 'A-' senior debt rating on the issues. We are affirming our ratings on the core property/casualty and life insurance operating subsidiaries. The outlook remains negative, reflecting significant deterioration in the operating companies' capital adequacy, the potential for continued losses and capital strain at Allstate's life insurance unit, deteriorating underwriting results at Allstate's property-liability unit, and realized investment losses. On May 12, 2009, Standard&Poor's Ratings Services assigned its 'A-' senior debt rating on Allstate Corp.'s (NYSE:ALL) recently priced senior debt issue. At the same time, Standard&Poor's affirmed its 'A-' counterparty credit rating on ALL and its 'AA-' counterparty credit and
