S&P assigns Progressive notes A+

Standard & Poor's said it assigned its A+ debt rating to Progressive Corp.'s $350 million senior unsecured notes.

The company expects to use the proceeds from the notes for its general operating purposes.

On a pro forma basis after the debt issuance as of the end of December 2013, the company's financial leverage would be around 25%.

S&P said it expects Progressive's fixed-charge coverage to remain at or above 10x. These metrics are within its expectations for the group.

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