Fitch affirms Allstate

Fitch Ratings said it affirmed Allstate Corp.'s issuer default rating at AA-, commercial paper program at F1+, junior subordinated rating at A and senior unsecured rating at A+. The company's property/casualty and life subsidiaries' ratings also were affirmed.

The outlook is stable.

The ratings continue to be favorably influenced by its top-tier market position and national scope in the personal lines property/casualty business, moderate financial leverage and the diversification benefit provided by the life insurance business, Fitch said.

Balanced against these strengths are operating pressures from first quarter 2008 catastrophe losses, a challenging investment environment and a softening property casualty business cycle, the agency added.

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