S&P: Allstate view negative

Standard & Poor's said it revised the outlook on Allstate Corp. to negative from stable and affirmed the A+ counterparty credit rating.

The negative outlook reflects the significant deterioration in capital adequacy to strong from very strong, according to the agency.

This resulted from a combination of sizable catastrophe losses and realized investment losses, investment losses at Allstate Financial and a somewhat aggressive share-repurchase and dividend strategy, the agency said.

Ratings are supported by its very strong and diversified national market presence in the United States, very strong operating performance and liquidity borne from strong operating cash flow, S&P noted.

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