Moody's rates Selective notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to $175 million of 30-year 5.875% senior unsecured notes being issued by Selective Insurance Group.

The notes are being issued off Selective's shelf registration, to which Moody's assigned provisional Baa2 senior unsecured rating.

Proceeds from Selective's senior notes offering will be used to redeem $100 million of the company's 7.5% junior subordinated notes due 2066 with the remainder used for general corporate purposes including capital contributions to Selective's insurance subsidiaries.

Moody's said the ratings reflect the company's solid regional franchise with established independent agency support, solid risk adjusted capitalization, and strong invested asset quality.

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