A.M. Best Assigns Debt Rating to Allstate's $800 Million Senior Notes.OLDWICK, N.J. -- A.M. Best Co. has assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. a debt rating of "a" to the $800 million, 5.55% 30-year senior notes that were issued on May 4, 2005, for The Allstate This article is about the American insurance company. For the line of automobiles, see Allstate (automobile). The Allstate Corporation NYSE: ALL is the largest publicly held personal lines insurer in the United States. Corporation (Allstate) (Northbrook Northbrook, village (1990 pop. 32,308), Cook co., NE Ill., a suburb of Chicago; settled 1836. It was incorporated as Shermerville in 1901 and was reincorporated as Northbrook in 1923. , IL). The rating outlook is positive. This rating action is in line with the previously assigned debt ratings on Allstate's $2.8 billion August 2003 shelf registration, of which $1.35 billion remains outstanding. Concurrently con·cur·rent adj. 1. Happening at the same time as something else. See Synonyms at contemporary. 2. Operating or acting in conjunction with another. 3. Meeting or tending to meet at the same point; convergent. , A.M. Best has withdrawn the debt rating of "a", which was previously assigned to Allstate's $900 million, 7.875% senior notes that were repaid at their scheduled maturity of May 1, 2005. The rating had a positive outlook. The financial strength rating of A+ (Superior) of Allstate Insurance Group (Northbrook, IL) and the existing debt and shelf registration ratings of Allstate remain unchanged. Proceeds from this latest offering will be used by Allstate for general corporate purposes, which includes funding the repayment of a portion of its existing debt. Following this transaction, Allstate's total debt-to-adjusted capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. will be approximately 21%. Additionally, Allstate's ability to service its annual interest expense is strong at approximately 15 times its earnings. For Best's Debt Ratings, all other Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings. For current Best's Ratings, independent data and analysis on more than 3,000 individual property/casualty companies, groups and industry composites, please visit http://www.ambest.com/pc. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. |
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