OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “a” (Excellent) to the recently issued $750 million 5.250% senior unsecured notes due 2033 of The Allstate Corporation (Allstate) (headquartered in Northbrook, IL). The outlook assigned to the Credit Rating (rating) is stable. The existing ratings of Allstate and its insurance subsidiaries remain unchanged.
Following the debt issuance, AM Best expects Allstate’s financial leverage to remain somewhat elevated but within the guidelines for its current ratings. The company used a portion of the proceeds from the issuance for paying at maturity its $250 million floating rate senior unsecured notes redeemed March 29, 2023, and intends to utilize the remaining proceeds for the upcoming payment at maturity of its $500 million 3.15% senior unsecured notes, due June 2023.
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