Company Website: http://www.ambest.com
OLDWICK, N.J. -- (Business Wire)

A.M. Best has assigned an issue rating of “a” to the recently announced $500 million 2.45% senior unsecured notes, due 2027 of TheProgressive Corporation (Progressive) (Mayfield Village, OH) (NYSE: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.

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View source version on businesswire.com: http://www.businesswire.com/news/home/20160830006209/en/

Contacts:

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

Source: A.M. Best