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) 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.
A.M. Best is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2016 by A.M. Best Rating Services, Inc. ALL RIGHTS RESERVED.
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A.M. Best
Raymond Thomson, CPCU, ARe, ARM, +1 908 439
2200, ext. 5621
Senior Financial Analyst
raymond.thomson@ambest.com
or
Greg
Williams, +1 908 439 2200, ext. 5815
Vice President
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
Assistant Vice President,
Public Relations
james.peavy@ambest.com
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