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FOR IMMEDIATE RELEASE
OLDWICK - MARCH 06, 2019 10:28 AM (EST)
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. Selective’s 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 Best’s 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 Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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