MAY 19, 2023 02:12 PM (EDT)
AM Best Assigns Issue Credit Rating to The Allstate Corporation’s Newly Issued Preferred Stock Offering
|Kate Steffanelli |
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Associate Director, Public Relations
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Senior Public Relations Specialist
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FOR IMMEDIATE RELEASE
OLDWICK - MAY 19, 2023 02:12 PM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the $600 million 7.375% 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 company intends to use the net proceeds for general corporate purposes. The existing ratings of The Allstate Corporation and its subsidiaries remain unchanged.
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.