Moody's lowers Allstate

Moody's Investors Service said it lowered Allstate Corp.'s long-term senior debt rating to A3 from A2 and its short-term rating to Prime-2 from Prime-1 because of significant investment losses, weak earnings and reduced capitalization.

The downgrade of Allstate's holding company debt ratings was driven by the credit deterioration of both the property-casualty and life insurance subsidiaries, Moody's said.

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