Fitch affirms Progressive

Fitch Ratings said it affirmed the Progressive Corp.'s issuer default rating at A+, senior debt ratings at A and junior subordinated debt at BBB+.

The outlook is stable.

The affirmation follows news that the company will commence a solicitation of its 6¼% senior notes due 2032 to terminate the replacement capital covenant relating to those notes.

The termination is a condition to the completion of Progressive's tender offer of up to $350 million to holders of the $1 billion junior subordinated debt. The tender offer will expire on July 8, Fitch said.

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