Fitch Affirms Progressive's 'AA-' IDR & 'AA+' IFS; Outlook Stable (Business Wire)

Friday October 10, 3:20 pm ET CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed the 'AA-' Issuer Default Rating (IDR) and 'A+' senior debt ratings of The Progressive Corporation (Progressive; NYSE: PGR). Fitch has also affirmed the 'AA+' Insurer Financial Strength (IFS) rating of Progressive's operating subsidiaries. A complete list of affected ratings follows the end of the release. The Rating Outlook is Stable. Fitch's rating action considered Progressive's announcement today of a pretax $1.1 billion other than temporary impairment (OTTI) charge primarily related to preferred security holdings at Progressive Investment Corporation Inc (PICI). PICI is an investment subsidiary that gives management financial flexibility to move capital. As of Sept. 30, 2008 PICI's assets were down approximately 50% from year end 2007 to $1... [read full story]