Fitch applies BBB+ to Allstate notes

Fitch Ratings said it assigned a BBB+ rating to Allstate Corp.’s new $550 million 3.28% senior notes due 2026 and $700 million 4.2% senior notes due 2046; the issuance is anticipated to close on Dec. 8.

The ratings for the new offerings are equivalent to the rating on Allstate's existing senior debt.

Proceeds will be used for general corporate purposes, including in part to fund the company’s recently announced roughly $1.4 billion acquisition of consumer protection plan provider, SquareTrade Holding Co., Inc.

Fitch said it expects pro forma financial leverage following the senior note issuance to increase to 24.8% from 20.9% at Sept. 30.

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