Fitch to rate Progressive notes A

Fitch Ratings said it expects to assign an A rating to the $500 million of senior notes issuance planned by Progressive Corp.

The outlook is stable.

The net proceeds from this new senior debt issuance will refinance $500 million of senior debt maturing in 2012 and 2013.

The rating reflects Progressive's strong balance sheet and the belief that its financial leverage, as measured by total debt to total capital, will remain within a reasonable range for the rating category in the near term, the agency said.

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