OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” to the $1.15 billion 5.10% non-cumulative perpetual preferred stock recently issued by The Allstate Corporation (headquartered in Northbrook, IL) [NYSE: ALL]. The outlook assigned to the Credit Rating (rating) is stable. The existing ratings of The Allstate Corporation and its subsidiaries remain unchanged.
The company intends to use the net proceeds for general corporate purposes, including the potential redemption of existing series of preferred shares.
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