OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned Long-Term Issue Credit Ratings of “a” to the recently announced $500 million 3.20% senior unsecured notes due 2030 and $500 million 3.95% senior unsecured notes due 2050 of The Progressive Corporation (Progressive) (Mayfield Village, OH). The outlook assigned to these Credit Ratings (rating) is stable.
Following this issuance, AM 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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