NYSE:PGRInsurance
Progressive Debt Deals And AM Best Rating Contrast With Share Weakness
Progressive (NYSE:PGR) has completed two major fixed income offerings totaling more than $1.4b in senior unsecured notes.
The new notes mature in 2031 and 2036, adding longer dated debt to the company’s capital structure.
AM Best assigned an 'a' (Excellent) credit rating and a stable outlook to these new unsecured notes.
Progressive, trading at $201.39, comes into this debt issuance with a mixed share price record, including a 24.2% decline over the past year and gains of 51.9% over three...