S&P rates Selective Insurance shelf

Standard & Poor's said it assigned preliminary BBB senior unsecured debt, BBB- subordinated debt and BB+ preferred stock ratings to Selective Insurance Group Inc.'s universal shelf registration filed with the Securities and Exchange Commission.

The company has a BBB counterparty credit rating and negative outlook.

The agency said the ratings reflect Selective's strong competitive position in its core Mid-Atlantic market, well-developed predictive modeling capabilities and strong financial flexibility.

Partially mitigating some of these strengths are the company's relatively weak operating performance in recent years, a significant decline in capital adequacy as per S&P's capital adequacy model, the continuing challenges in personal lines and the geographic concentration in the Mid-Atlantic region, S&P said.

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