S&P: Progressive view negative

Standard & Poor's said it revised the outlook on Progressive Corp. to negative from stable and affirmed the A+ counterparty credit rating.

The outlook revision reflects the agency's belief that Progressive's operating results will be strained in the near term because of pressures in the highly competitive and commoditized automobile insurance market, according to the agency.

The affirmation reflects the company's strong competitive position, well-recognized franchise and dominant market presence, S&P noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.