Company Website:
http://www.ambest.com
OLDWICK, N.J. -- (Business Wire)
A.M. Best has assigned a debt rating of “a-” to the recently
issued $1 billion, 3.60% senior unsecured notes due April 10, 2024 of MetLife,
Inc. (MetLife) (New York, NY) [NYSE: MET]. The outlook assigned is
stable.
The proceeds from the debt offering will be utilized for general
corporate purposes, which may include the repayment of $350 million of
outstanding senior notes due in 2014 upon their maturities and the
redemption of $200 million of senior notes due 2033 scheduled to occur
on May 5, 2014. A.M. Best notes that MetLife’s overall financial
leverage is expected to remain below 30%, while interest coverage is
expected to remain above five times. Both measures are within A.M.
Best’s guidelines for MetLife’s current rating level.
The rating recognizes MetLife’s global footprint, diverse business mix,
prominent market position and brand recognition in several business
lines, favorable operating results and significant operating scale.
MetLife continues to report solid operating earnings while maintaining
adequate risk-adjusted capital ratios. Despite net derivative losses in
2013, mainly driven by increases in interest rates and changes in
foreign currencies, earnings remain strong due to recent de-risking
strategies and increased earnings share from international markets. A.M.
Best will continue to monitor the impact of the current macroeconomic
environment including interest rate movements on MetLife’s insurance
operations’ earnings and risk-adjusted capital.
The methodology used in determining these ratings is Best’s Credit
Rating Methodology, which provides a comprehensive explanation of A.M.
Best’s rating process and contains the different rating criteria
employed in the rating process. Best’s Credit Rating Methodology can be
found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative
insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2014 by A.M. Best Company, Inc.ALL RIGHTS
RESERVED.
Contacts:
A.M. Best
Edward Kohlberg, 908-439-2200, ext. 5664
Senior
Financial Analyst
edward.kohlberg@ambest.com
or
William
Pargeans, 908-439-2200, ext. 5359
Assistant Vice President
william.pargeans@ambest.com
or
Rachelle
Morrow, 908-439-2200, ext. 5378
Senior Manager, Public
Relations
rachelle.morrow@ambest.com
or
Jim
Peavy, 908-439-2200, ext. 5644
Assistant Vice President,
Public Relations
james.peavy@ambest.com
Source: A.M. Best
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