S&P assigns BBB to Allstate preferreds

S&P said it assigned a BBB issue rating to Allstate Corp.'s $600 million issuance of 7.375% series J fixed-rate non-cumulative perpetual preferred shares.

“The two-notch difference between the holding company rating and the rating on the preferred shares reflects the issuance's subordination to senior debt and dividend deferral features. We view this issue as a refinancing of the $575 million of series G preferred stock that was redeemed on April 17, 2023, with no material impact on expected leverage and coverage metrics,” S&P said in a statement.

The outlook is negative.

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