Best’s News & Research Service - August 30, 2016 12:29 PM (EDT)
A.M. Best Assigns Rating to The Progressive Corporation’s Recently Announced Senior Unsecured Notes
- August 30, 2016 12:29 PM (EDT)
Oldwick //BestWire// - A.M. Best has assigned an issue rating of “a” to the recently announced $500 million 2.45% senior unsecured notes, due 2027 of The Progressive Corporation (Progressive) (Mayfield Village, OH) (NYSE: PGR). The outlook assigned to the rating is stable. Progressive’s issuer credit rating of “a”, its existing issue ratings and the ratings of its operating insurance subsidiaries are unchanged.
The proceeds from this issuance are intended to be utilized for general corporate purposes. While Progressive’s financial leverage will modestly increase in the near term, it will remain within A.M. Best’s guidelines to support its current ratings.
This press release relates to rating(s) 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 visit A.M. Best’s Recent Rating Activity web page.
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