S&P’s Ratings Services assigned its “BBB” senior debt rating to Selective Insurance Group Inc.’s (Selective) $100 million senior unsecured convertible notes, due to mature in Sept. 2032. The rating reflects the strong balance sheet at the holding company, as demonstrated by pro forma financial leverage below 30 percent and interest coverage moderately above three times after the completion of the debt offering.
At the same time, S&P affirmed its “BBB” counterparty credit rating on Selective and its “A” counterparty credit and financial strength ratings on Selective’s operating companies. The operating companies have been meeting S&P’s expectation with regard to operating performance while maintaining an appropriate level of risk-based capital.
The outlook on all these companies is stable.
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