OLDWICK, N.J.--(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.
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