Best’s News & Research Service - March 19, 2020 02:50 PM (EDT)
AM Best Assigns Issue Credit Ratings to The Progressive Corporation’s New Senior Unsecured Notes
- March 19, 2020 02:50 PM (EDT)
Oldwick //BestWire// - 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.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.