Fitch rates Allstate debentures BBB-

Fitch Ratings said it has assigned a BBB- rating to Allstate Corp.'s $500 million of subordinated debentures.

Allstate issued $500 million of fixed-to-floating rate subordinated debentures with an initial coupon of 5.1% and a maturity of 2053, the agency noted.

After January 2023, the fixed coupon changes to a floating rate of Libor plus 3.165%. Interest on the notes is cumulatively deferrable for up to five years, the agency stated.

Proceeds from the notes will be used to repurchase Allstate stock under a new $1 billion authorization that was announced on Dec. 17, Fitch said.

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