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 $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.
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