AM Best has assigned a Long-Term Issue Credit Rating of bbb+ to the recently announced $300 million 5.375% senior unsecured notes due 2049 of Selective Insurance Group Inc. (Selective) (Branchville, NJ) [NASDAQ: SIGI]. The outlook assigned to the Credit Rating (rating) is stable.
Selective intends to use the net proceeds from the offering to redeem all $185 million aggregate principal amount of its 5.875% senior unsecured notes due 2043. Any remaining net proceeds will be used for general corporate purposes.
Following the debt issuance, financial leverage will remain within guidelines for the assigned ratings. Selectives Long-Term Issuer Credit Rating of bbb+ and the ratings of its operating insurance subsidiaries remain unchanged.
This press release relates to Credit Ratings that have been published on AM Bests website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Bests Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Bests Credit Ratings. For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
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