NEW YORK (Standard&Poor's) Jan. 7, 2013--Standard&Poor's Ratings Services said today that it assigned its 'BBB' debt rating to Allstate Corp.'s (NYSE:ALL) subordinated debentures up to $1 billion maturing in 2053. We expect the debentures to qualify for intermediate content treatment under our criteria for hybrid securities, based on a review of preliminary documentation. The company intends to use the net proceeds from this issue for general corporate reasons including share repurchases. Adjusted debt and financial leverage as of Sept. 30, 2012, were conservative at 23.2% and 26.6%, respectively. Fixed-charge coverage is very strong, improving to 10.3x during the first nine months of 2012 from 2.7x in full-year 2011. On a pro-forma basis we expect financial leverage
