S&P Trims S-T Counterparty, CP Ratings on Allstate (ALL) to 'A-2'
- Wall St. edges higher as earnings kick into high gear
- Alibaba (BABA) Tops Q3 EPS by 17c, Revenues Rise 54%
- DuPont (DD) Tops Q4 EPS by 9c; Sees Merger Closing in First Half
- Johnson & Johnson (JNJ) Tops Q4 EPS by 2c; Guides Modestly Below the Street
- Pre-Open Stock Movers 01/24: (MPSX) (IIVI) (AKS) Higher; (FSM) (OCUL) (VZ) Lower (more...)
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
S&P Global Ratings said it lowered its short-term counterparty credit rating and commercial paper (CP) ratings on Allstate Corp. to 'A-2' from 'A-1'.
"We are revising the short-term counterparty credit and CP ratings on Allstate Corp. due to a criteria misapplication of our Methodology For Linking Short-Term and Long-Term Ratings for Corporate, Insurance, and Sovereign Issuers (published May 7, 2013, on RatingsDirect)," said S&P Global Ratings credit analyst Tracy Dolin. We had previously applied the group credit profile liquidity score of exceptional to the 'A-' long-term counterparty credit rating to determine a short-term counterparty credit rating of 'A-1'. In fact, our criteria should have applied to Allstate's nonoperating holding company (NOHC) liquidity score of adequate, because its CP program is issued out of the holding company. Our criteria never assess an NOHC's liquidity as exceptional or strong. In effect, the combination of a long-term rating of 'A-' and a NOHC liquidity score of adequate translates into a short-term counterparty credit rating of 'A-2'.
Our 'A-2' short-term rating on Allstate Corp. depends on the combination of an adequate liquidity evaluation on the NOHC and an 'A-' long-term counterparty credit rating.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Barclays Upgrades Southwestern Energy (SWN) to Equalweight
- GenMark Diagnostics (GNMK) PT Raised to $15 at Needham & Company
- S&P downgrades Rolls-Royce credit rating after bribery settlement
Create E-mail Alert Related CategoriesCredit Ratings
Related EntitiesStandard & Poor's
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!