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OLDWICK, N.J.--(BUSINESS WIRE)--May 25, 2023--
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.
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’sRecent Rating Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please viewGuide to Best's Credit Ratings. For information on the proper use of Best’s CreditRatings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please viewGuide to Proper Use of Best’s Ratings & Assessments.
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KEYWORD: NEW JERSEY EUROPE UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES
SOURCE: AM Best
Copyright Business Wire 2023.
PUB: 05/25/2023 10:50 AM/DISC: 05/25/2023 10:49 AM
http://www.businesswire.com/news/home/20230525005603/en