Fitch drops Progressive

Fitch Ratings said it has downgraded Progressive Corp.'s ratings as follows: issuer default rating to A+ from AA-; and senior debt ratings to A from A+.

Fitch said it has also downgraded Progressive's operating subsidiaries insurer financial strength rating to AA from AA+.

The outlook is stable.

The rating action reflects a decision by Fitch to afford increased weighting in its analysis of Progressive's capital strength to the company's notional leverage ratios, which have historically been high relative to peers, as well as the company's monoline nature, the agency added.

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