Fitch Ratings Assigns 'A+' Rating To Progressive Senior Debt.
Business Editors
CHICAGO--(BUSINESS WIRE)--Nov. 25, 2002
Fitch Ratings has assigned an 'A+' rating to Progressive Corporation's (NYSE: PGR) recent 6.25% senior note issue due 2032. PGR's insurance ratings are not affected by this action. The Rating Outlook is Stable.
The high leverage is also offset by strong fixed charge coverage, which was 10.6 times (x) through September 30, 2002. Fitch estimates PGR's pro forma coverage would have been 8.8x if the debt had been outstanding the entire year.
The ratings also consider PGR's higher than average operating leverage and limited product diversification. PGR discontinued its homeowner's insurance business in May 2002. Thus, the company now concentrates almost entirely on automobile insurance.
The ratings affected are listed in the table below.
Entity/Issue/Type Action Rating/Outlook The Progressive Corporation --6.25% senior notes due 2032 Assign 'A+'; --Rating Outlook Stable
In addition, make sure to read these articles:
- Fitch Rates Chubb's $500 Million Senior Notes Offering 'A+'.
- Fitch Rates Chubb's $400MM Senior Mandatory Convertible Notes Offering 'A+'; Outlook...
- Fitch Assigns Rating of 'A-' to Everest Re Senior Notes Offering.
- Fitch Assigns 'BBB-' Rating to Leucadia's Senior Debt Issue.
- Fitch Assigns 'BB+' Rating to Leucadia's Senior Debt Issue.
- Fitch Affirms Freddie Mac's Senior Debt; Downgrades Pfd Stock & Sub Debt to 'AA-'.
- Fitch Rates D.R. Horton's $200MM Debt Issue 'BBB-'.
- Fitch Ratings Assigns 'BBB-' To New Markel Debt.
- Fitch Ratings Maintains Evolving Outlook on Trenwick.
- Fitch Rates M/I Homes' $200MM Debt Issue 'BB'.
- Fitch Ratings Assigns 'BBB' Senior Debt & 'A' IFS Ratings To CGI.
- Fitch Assigns 'BBB+' to Pulte Homes $300MM Debt Issue.
- Fitch Assigns 'A+' to Marsh & McLennan's Senior Debt Issue.
- Fitch Ratings Downgrades Presidential Life's Senior Debt To 'B'.
- Fitch Assigns 'BBB+' to Pulte Homes $400MM Debt Issue.
Business Editors CHICAGO--(BUSINESS WIRE)--March 18, 2003 Fitch Ratings has assigned a rating of 'A+' to The Chubb Corporation's (Chubb) offering of $500 million of senior ......
Business Editors NEW YORK--(BUSINESS WIRE)--June 19, 2003 Fitch Ratings has assigned a rating of 'A+' to The Chubb Corporation's (Chubb) offering of $400 million, 3 ......
CHICAGO -- Fitch Ratings has today assigned an 'A-' rating to Everest Reinsurance Holdings, Inc.'s (Everest Holdings) offering of $250 million 5.4% senior notes due ......
Business Editors NEW YORK--(BUSINESS WIRE)--March 26, 2004 Fitch Ratings has assigned a 'BBB-'rating to Leucadia National Corporation's (Leucadia) proposed $100 million senior note issue due ......
Business Editors NEW YORK--(BUSINESS WIRE)--April 28, 2004 Fitch Ratings has assigned a 'BB+' rating to Leucadia National Corporation's (Leucadia) proposed $350 million convertible senior subordinated ......
Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 25, 2003 Fitch Ratings has downgraded the subordinated debt and preferred stock ratings for Freddie Mac to 'AA-' from 'AA'....
NEW YORK -- Fitch Ratings has assigned a 'BBB-' rating to D.R. Horton, Inc.'s (NYSE:DHI) $200 million 6.125% senior notes due Jan. 15, 2014. The ......
Business Editors CHICAGO & LONDON--(BUSINESS WIRE)--April 9, 2003 Fitch Ratings today assigned a 'BBB-' rating to the $50 million of ten-year senior notes issued by ......
Business Editors CHICAGO--(BUSINESS WIRE)--May 20, 2002 Fitch Ratings is maintaining its Evolving Rating Outlook on Trenwick Group, Ltd. and its subsidiaries, (collectively Trenwick). Fitch's action ......
NEW YORK -- Fitch Ratings has assigned a 'BB' rating to M/I Homes, Inc.'s (NYSE:MHO) proposed $200 million senior notes due 2015. The Rating ......
Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 26, 2004 Fitch Ratings has assigned a long-term issuer rating of 'BBB' to Commerce Group, Inc. (CGI) and a 'BBB' ......
Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 30, 2003 Fitch Ratings has assigned a 'BBB+' rating to Pulte Homes, Inc. (NYSE-PHM) $300 million, 6.25% senior notes due ......
Business Editors CHICAGO--(BUSINESS WIRE)--July 28, 2003 Fitch Ratings has affirmed its ratings on Marsh & McLennan Companies, Inc. (MMC) and assigned an 'A+' rating to ......
Business Editors CHICAGO--(BUSINESS WIRE)--April 8, 2003 Fitch Ratings has downgraded Presidential Life Corp.'s (PLC's) long-term issuer rating and the senior debt rating on $100 million ......
Business Editors NEW YORK--(BUSINESS WIRE)--May 20, 2003 Fitch Ratings has assigned a 'BBB+' rating to Pulte Homes, Inc. (NYSE-PHM) $400 million, 6.375% senior notes due ......
Email
Digg It
del.icio.us
Business Resources
Sponsored Links
Site Map | Contact Us | FAQs | About Us | Media Kit | Reprints | RSS Directory | Sign Up for Free Newsletters | Disclosure Policy
Copyright © 1999 - 2008 AllBusiness.com, Inc. All rights reserved.
No part of this content or the data or information included therein may be reproduced,
republished or redistributed without the prior written consent of AllBusiness.com.
Use of this site is governed by our Copyright and Intellectual Property Policy, Terms of Use Agreement and Privacy Policy.
© Copyright 2008 The Gale Group, Inc. All rights reserved.
© COPYRIGHT 2002 Business Wire
You may not repost, republish, reproduce, package and/or redistribute the content of this page,
in whole or in part, without the written permission of the copyright holder.
© COPYRIGHT 2002 Business Wire
You may not repost, republish, reproduce, package and/or redistribute the content of this page,
in whole or in part, without the written permission of the copyright holder.
Get In-Depth Company Information from Hoover's | Buy a D&B Credit Report | What is in Your Company's D&B Credit Report? | Article Archives
Online Business Database | Online Business Information | Sales and Marketing Solutions | Business Mailing Lists
Online Business Database | Online Business Information | Sales and Marketing Solutions | Business Mailing Lists
Information and opinions on AllBusiness.com solely represent the thoughts and opinions of the authors and are not endorsed by, or reflect the beliefs of,
AllBusiness.com, its parent company D&B, and its affiliates.
AllBusiness.com, its parent company D&B, and its affiliates.
