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.
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