AM Best Assigns Issue Credit Rating to Selective Insurance Group Inc.’s Senior Unsecured Notes
March 06 2019 - 10:42AM
Business Wire
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.
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.
Copyright © 2019 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: https://www.businesswire.com/news/home/20190306005527/en/
Jacqalene Lentz, CPADirector+1 908 439 2200,
ext. 5762jacqalene.lentz@ambest.com
Greg WilliamsSenior Director+1 908 439 2200,
ext. 5815greg.williams@ambest.com
Christopher SharkeyManager, Public Relations+1
908 439 2200, ext. 5159christopher.sharkey@ambest.com
Jim PeavyDirector, Public Relations+1 908 439
2200, ext. 5644james.peavy@ambest.com
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