A.M. Best Assigns Issue Credit Ratings to The Progressive Corporation’s Senior Unsecured Notes and Preferred Shares

OLDWICK, N.J.--()--A.M. Best has assigned a Long-Term Issue Credit Rating (Long Term IR) of “a” to the recently announced $600 million 4.20% senior unsecured notes due 2048 of The Progressive Corporation (Progressive) (Mayfield Village, OH). In addition, A.M. Best has assigned a Long Term IR of “bbb+” to the recently announced $500 million Series B fixed-to-floating rate cumulative perpetual serial preferred shares of Progressive. The outlook assigned to these Credit Ratings (ratings) is stable.

Following these issuances, A.M. Best expects that financial leverage and coverage metrics for Progressive will remain within guidelines for the assigned ratings. Progressive intends to use the proceeds of these issuances for general corporate purposes.

Progressive’s Long Term Issuer Credit Rating of “a” and the ratings on its existing debt issuances and operating subsidiaries remain unchanged.

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. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Raymond Thomson, CPCU, ARe, ARM, +1 908-439-2200, ext. 5621
Associate Director
raymond.thomson@ambest.com
or
Greg Williams, +1 908-439-2200, ext. 5815
Senior Director
greg.williams@ambest.com
or
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Raymond Thomson, CPCU, ARe, ARM, +1 908-439-2200, ext. 5621
Associate Director
raymond.thomson@ambest.com
or
Greg Williams, +1 908-439-2200, ext. 5815
Senior Director
greg.williams@ambest.com
or
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com