S&P gives Selective Insurance notes BBB-

Standard & Poor's said it assigned its BBB- debt rating to Selective Insurance Group Inc.'s junior subordinated notes due 2066.

The rating reflects the equity-like features of this issue, including a 10-year interest deferral option and a 60-year term and the deeply subordinated position of these notes relative to all current and future indebtedness, the agency added.

The company intends to use the proceeds for general corporate purposes, S&P said, adding that the rating also reflects the company's strong competitive position, strong operating performance, very strong operating company capitalization, strong liquidity and relatively low financial leverage and strong fixed charge coverage ratios.

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