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On Monday, Fitch Ratings downgraded Progressive Corp. (PGR) but not because of a deterioration of the company’s financial profile. Interestingly, the action was the result of a change in the agency’s rating criteria.

Fitch cut Progressive’s Issuer Default Rating (IDR) to 'A+' from 'AA-' and Senior debt ratings to 'A' from 'A+'. However, the outlook assigned for all ratings is stable. The agency increased weightage on Progressive’s capital strength by focusing more on its estimated leverage ratios and its monoline character.

Filed under: Earnings reports, Good news, Management, Competitive strategy

Continue reading Progressive drives home solid earnings

Filed under: Options

Progressive (NYSE: PGR) an auto insurance company, closed at $14.50. PGR July option implied volatility is at 49, August is at 44; below its 26-week average of 60; according to Track Data, suggesting decreasing price movement.

Willis Group (NYSE: WSH) a brokerage and risk management company, closed at $25.66. WSH July and August option implied volatility of 44 is below its 26-week average of 54, according to Track Data, suggesting decreasing movement.