Fitch rates Selective notes BBB+

Fitch Ratings said it assigned a BBB+ senior debt rating to Selective Insurance Group Inc.'s $100 million unsecured senior notes due 2035. The agency also affirmed the company's BBB+ long-term issuer rating, BBB+ rating on its $50 million 7¼% senior notes due 2034 and BBB+ rating on its $305 million 1.6155% senior convertible notes due 2032.

The outlook is stable.

Fitch said it expects $50 million of the proceeds to be held in an irrevocable trust that provides for future repayment of outstanding debt, with the remaining proceeds going toward general corporate purposes. Fitch views Selective's desire to replace shorter-term debt with long-term debt as a prudent strategy that enhances liquidity and financial flexibility.

Selective's long-term ratings reflect Selective's consistently favorable operating results in commercial lines, adequate results in personal lines and improved diversification through continued efforts to reduce its concentration in New Jersey, the agency said.

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