A.M. Best Assigns Issue Credit Rating to The Progressive Corporation’s Recently Announced Senior Unsecured Notes
08 April 2017 - 1:39AM
Business Wire
A.M. Best has assigned a Long-Term Issue Credit Rating
(Long-Term IR) of “a” to the recently announced $850 million 4.125%
senior unsecured notes, due 2047 of The Progressive
Corporation (Progressive) (Mayfield Village, OH) (NYSE:PGR).
The outlook assigned to the Credit Rating (rating) is stable.
Progressive’s Long-Term Issuer Credit Rating of “a”, its existing
Long-Term IRs and the ratings of its operating insurance
subsidiaries are unchanged.
The proceeds from this issuance are intended to be utilized to
retire other debt, and for general corporate purposes. While
Progressive’s financial leverage will increase modestly in the near
term, it will remain within A.M. Best’s guidelines to support its
current ratings.
This press release relates to Credit Ratings 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 see A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2017 by A.M. Best Rating
Services, Inc. and/or its subsidiaries. ALL RIGHTS
RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20170407005492/en/
A.M. BestRaymond Thomson, CPCU, ARe, ARM, +1 908-439-2200, ext.
5621Associate Directorraymond.thomson@ambest.comorGreg Williams, +1
908-439-2200, ext. 5815Senior
Directorgreg.williams@ambest.comorChristopher Sharkey, +1
908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy, +1
908-439-2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
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