OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a” to the recently announced $850 million 4.125% senior unsecured notes, due 2047 of The Progressive Corporation (Progressive) (Mayfield Village, OH) (NYSE:PGR). The outlook assigned to the Credit Rating (rating) is stable. Progressive’s Long-Term Issuer Credit Rating of “a”, its existing Long-Term IRs and the ratings of its operating insurance subsidiaries are unchanged.
The proceeds from this issuance are intended to be utilized to retire other debt, and for general corporate purposes. While Progressive’s financial leverage will increase modestly in the near term, it will remain within A.M. Best’s guidelines to support its current ratings.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.