TEXT-Fitch rates Allstate's subordinated notes 'BBB-'
Jan 4 - Fitch Ratings has assigned a 'BBB-' rating to The Allstate Corporation's (Allstate) $500 million subordinated debentures. Allstate issued $500 million of fixed-to-floating rate subordinated debentures with an initial coupon of 5.10% and a maturity of 2053. After January 2023, the fixed coupon changes to a floating rate of three-month LIBOR plus 3.165%. Interest on the notes is cumulatively deferrable for up to five years. Additionally, the notes are callable by Allstate with various res
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