OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) to the recently announced $500 million of 4.95% senior unsecured notes, due 2033, issued by The Progressive Corporation (Progressive) (Mayfield Village, OH) [NYSE: PGR]. The outlook assigned to this Credit Rating (rating) is stable.
The Long-Term IR assignment considers the rating profiles of Progressive’s principal insurance subsidiary units, as well as the parent company’s financial leverage, interest coverage and overall debt servicing profile. Following this issuance, AM Best expects that financial leverage and coverage metrics for Progressive to remain within guidelines for the assigned rating. Progressive intends to use the proceeds from this issuance for general corporate purposes.
Progressive’s Long-Term Issuer Credit Rating of “a” (Excellent), with an outlook of stable, along with the ratings and outlooks on its other debt issuances and operating subsidiaries, remains unchanged.
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