WASHINGTON (dpa-AFX) - Fitch Ratings Friday announced that it intends not to take any rating action on The Progressive Corporation (PGR) or its operating subsidiaries following the company's announcement of a $1 per share special dividend.
The company had announced plans to pay a $1 per share special dividend that will result in an extraordinary payment to shareholders of approximately $605 million.
Fitch Ratings stated that the management of the company continuously evaluates capital and will return any excess capital to shareholders via share repurchases or extraordinary dividends. The rating agency also stated that future special dividends are likely to depend on management's perspective on capital adequacy, and are unlikely to occur with any regularity.
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