A.M. Best Assigns Debt Ratings to MetLife, Inc.'s Remarketed Senior Unsecured Debentures
OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has assigned debt ratings of "a-" to the remarketed $500 million 1.756% senior unsecured debentures, which will be due December 15, 2017 and $500 million 3.048% senior unsecured debentures, which will be due December 15, 2022 of MetLife, Inc. (MetLife) (New York, NY) [NYSE: MET]. The outlook assigned to both ratings is stable.
The debentures were originally issued in November 2010 as a $1.0 billion aggregate Series C debenture due 2023. These debentures formed part of MetLife's common equity units with an aggregate stated amount at issuance of $3.0 billion. The remaining $2.0 billion of debentures are expected to be remarketed in September 2013 and October 2014. These equity units were originally issued to American International Group, Inc. (AIG) as part of MetLife's acquisition of American Life Insurance Company (ALICO).
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 ratings.
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.
Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visitwww.ambest.com.
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