Set the selected item in a select list based on template value

How can you correctly pre-populate a select control with the current value from the template?

I have a simple form to edit a record where the values for the selected record are pre-populated when the form is shown. A bit like this:

<input type="text" id="project_name_edit" value="{{selected_name}}">

But where I am using a select control I need to be able to interogate the template value and conditionally set the selected='selected' property for the correct option.

<select id="project_status_edit" value="{{selected_status}}">
      <option>GOOD</option>
      <option>BAD</option>
      <option>UGLY</option>
</select>

handlesbars.js offers the #IF helper but this only gives truthy or falsy.

I could probably hack this in various way but this seems like a scenario where there would be a standard solution.