Best’s News & Research Service - November 24, 2020 09:36 AM (EST)
AM Best Assigns Issue Credit Ratings to The Allstate Corporation’s New Senior Unsecured Notes
- November 24, 2020 09:36 AM (EST)
Oldwick //BestWire// - AM Best has assigned Long-Term Issue Credit Ratings (Long-Term IR) of “a” to the recently issued $600 million 0.750% senior unsecured notes due 2025 and the $600 million 1.450% senior unsecured notes due 2030 of The Allstate Corporation (Allstate) (headquartered in Northbrook, IL). The outlook assigned to these Credit Ratings (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 and interest coverage metrics to remain within the guidelines for its current ratings. The company intends to use the proceeds from the issuance for the partial funding of its previously announced acquisition of National General Holdings Corp., expected to close in the first quarter of 2021, subject to regulatory approvals.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.