Fitch: Progressive notes A

Fitch Ratings expects to assign an A rating to Progressive Corp.’s $400 million issuance of senior unsecured notes maturing in 2045.

The rating on the new notes is equivalent to the ratings on Progressive’s existing senior debt, Fitch said.

The anticipated rating reflects the company’s strong balance sheet and a belief that Progressive’s financial leverage will remain within a reasonable range for the rating category in the near term, the agency said.

Progressive’s profitability promotes strong interest coverage, Fitch added.

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