Allstate outlook raised to stable by S&P on plan to retire debt

Allstate Corp., the largest publicly traded U.S. auto and home insurer, had its outlook raised to stable from negative by Standard & Poor’s after the company announced plans to retire debt.

“We view the combination of Allstate’s capital plans and continued improvement in its risk profile as a demonstration that capital adequacy will continue to support the rating level,” S&P said today in a statement about the Northbrook, Illinois-based insurer.