Moody's affirms Progressive

Moody's Investors Service said it affirmed the A1 senior debt rating of Progressive Corp.

The outlook was revised to stable from negative.

The change in outlook to stable is based on improved liquidity at the parent company, mainly driven by increased invested assets at Progressive Investment Co., Inc., Moody's said.

Over the past year, total invested assets at Progressive Investment have increased meaningfully due to both a partial recovery in asset valuations and from additional investments, the agency said.

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