Fitch affirms Progressive

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

Fitch affirmed the company's $350 million of 6.375% notes due Jan. 15, 2012, $150 million of 7% notes due Oct. 1, 2013, $300 million of 6.625% notes due March 31, 2029 and $400 million of 6.25% notes due Dec. 1, 2032 at A and $777 million of 6.7% notes due June 18, 2067 at BBB+.

The outlook is stable.

The ratings are based on the company's excellent operating performance, pricing and underwriting expertise, personal auto insurance franchise, modest catastrophe risk, conservative investment allocation and strong risk-based capital position, the agency said.

The ratings also reflect the limited product diversification and high notional leverage of the company, the agency added.

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