Moody's assigns Allstate notes A3

Moody's Investors Service said it has assigned an A3 rating to the proposed senior debt issuance of up to $1 billion by Allstate Corp.

Proceeds from the offering are expected to be used to refinance $750 million of senior notes due in December 2009 and for general corporate purposes, the agency said, adding that the offering represents a drawdown from the company's new universal shelf registration to which Moody's has assigned provisional ratings (senior at provisional A3).

The outlook is stable.

According to Moody's, the A3 senior debt rating reflects Allstate's formidable competitive position in the U.S. personal lines insurance market, its multiple distribution channels and excellent earnings power.

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