Hi again,
just another thought, FFRATS, of course, (full flight regime auto throttle system), isn't directly connected to any mode of the ALT SEL (or ALT HOLD) system, they operate quite seperately of each other!
I'm assuming, of course, that you don't have an FMS equipped aircraft, in which case, it is controlled thru the FMS, but then again, you would have 'FMS' selected on the MSP and neither ALT SEL or ALT HOLD would actually remain selected, visually.
I just keep on thinkin',
Cheers