AM Best has assigned Long-Term Issue Credit Ratings (Long-Term IR) of “a” (Excellent) to the $500 million, 4.60% senior unsecured notes, due 2031, and $1 billion, 5.15% senior unsecured notes, due 2036, issued by The Progressive Corporation (Progressive) (Mayfield Village, OH) [NYSE: PGR]. The outlook assigned to these Credit Ratings (ratings) is stable.

The assigned Long-Term IRs consider the rating profiles of Progressive’s insurance subsidiaries, as well as the financial leverage, interest coverage and overall debt servicing profile. Following this issuance, AM Best expects that financial leverage and coverage metrics for Progressive will remain within guidelines for the assigned ratings. Progressive intends to use the proceeds from these issuances for general corporate purposes.

Progressive’s Long-Term Issuer Credit Rating of “a” (Excellent), with a stable outlook, along with the ratings and outlooks on its other debt issuances and operating subsidiaries, remain unchanged.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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