Moody's: Allstate notes A3

Moody's Investors Service said it assigned an A3 senior debt rating to $500 million of senior unsecured notes to be issued by the Allstate Corp.

The outlook is negative, reflecting the rating agency's view of the company's prospective profitability.

Moody's said Allstate's ratings reflect the intrinsic credit profiles of both the property-casualty and life insurance subsidiaries, particularly its formidable competitive position in the U.S. market for personal insurance of automobiles and homes.

Other strengths include multiple distribution channels, good operating profitability in its automobile line, and strong financial position, according to the agency.

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