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A.M. Best Co. has assigned debt ratings of “a-” to the recently issued $500 million 3.15% fixed senior unsecured notes due 2023 and $500 million 4.5% fixed senior unsecured notes due 2043 of
The Allstate Corporation (Allcorp) (Northbrook, IL) [NYSE: ALL]. Concurrently, A.M. Best has assigned a debt rating of “bbb” to the recently issued $287.5 million non-cumulative perpetual preferred stock. The outlook assigned to all ratings is stable.
The proceeds from the offerings are expected to be used to partially fund retirement of approximately $3.0 billion of outstanding debt in connection with Allcorp’s recently announced capital restructuring plans and for general corporate purposes. The retirement of $3.0 billion includes the $1.8 billion principal amount of bonds tendered, the 2013 debt maturity of $250 million repaid in June and the $950 million pre-funded 2014 debt maturities.