AM Best Assigns Indicative Issue Credit Ratings to The Allstate Corporation’s New Shelf Registration

Rhea-AI Summary

AM Best has assigned indicative Long-Term Issue Credit Ratings to Allstate 's (NYSE: ALL) new shelf registration. The ratings are 'a-' for senior unsecured issues, 'bbb+' for subordinated issues, and 'bbb' for junior subordinated and preferred stock. The outlook for these ratings is stable.

AM Best has also withdrawn the ratings on Allstate's previous shelf registration, which has expired. The existing ratings of Allstate and its insurance subsidiaries remain unchanged. Allstate's financial leverage and earnings coverage align with AM Best's expectations.

This press release is available on AM Best's website, which includes detailed rating information and disclosures.

Positive

• Indicative Long-Term Issue Credit Rating of 'a-' assigned to senior unsecured issues.
• Stable outlook assigned to all new ratings.
• Allstate's adjusted financial leverage and earnings coverage are within AM Best's expectations.
• Existing ratings of Allstate and its insurance subsidiaries remain unchanged.

Negative

• Previous shelf registration ratings withdrawn due to expiration.

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has assigned indicative Long-Term Issue Credit Ratings of “a-” (Excellent) to senior unsecured issues, “bbb+” (Good) to subordinated issues, and “bbb” (Good) to both junior subordinated and preferred stock to the recently filed shelf registration of The Allstate Corporation (Allcorp) (Northbrook, IL) [NYSE: ALL]. The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn the ratings on the previous shelf registration, which expired. The existing ratings of Allcorp and its insurance subsidiaries are unchanged.

Allcorp’s adjusted financial leverage and earnings before interest, preferred dividends, and taxes coverage has been within AM Best’s expectations.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240515968415/en/

Elizabeth Blamble

Senior Financial Analyst

+1 908 882 1661

elizabeth.blamble@ambest.com

Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

christopher.sharkey@ambest.com

Edin Imsirovic

Director

+1 908 882 1903

edin.imsirovic@ambest.com

Al Slavin

Senior Public Relations Specialist

+1 908 882 2318

al.slavin@ambest.com

Source: AM Best

FAQ

What ratings has AM Best assigned to Allstate's new shelf registration?

AM Best has assigned 'a-' for senior unsecured issues, 'bbb+' for subordinated issues, and 'bbb' for junior subordinated and preferred stock.

What is the outlook for Allstate's new credit ratings?

The outlook for Allstate's new credit ratings is stable.

Has AM Best withdrawn any ratings for Allstate?

Yes, AM Best has withdrawn the ratings for Allstate's previous shelf registration, which has expired.

Are the existing ratings of Allstate and its insurance subsidiaries affected by the new ratings?

No, the existing ratings of Allstate and its insurance subsidiaries remain unchanged.

Is Allstate's financial leverage and earnings coverage within expectations?

Yes, Allstate's financial leverage and earnings coverage are within AM Best's expectations.