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AM Best Assigns Issue Credit Rating to MetLife, Inc.’s New Senior Unsecured Notes
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Rhea-AI Summary
MetLife, Inc. (NYSE: MET) receives an 'a-' Long-Term Issue Credit Rating from AM Best for its newly issued $1 billion, 5.375% senior unsecured notes due July 15, 2033. The rating outlook is stable. The proceeds from this issuance will be used for general corporate purposes, including potential debt redemption or repurchase. Despite the temporary increase in debt leverage, MetLife's financial leverage and interest coverage remain in line with its current ratings, and its holding company liquidity is strong.
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OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to the newly issued $1 billion, 5.375% senior unsecured notes due July 15, 2033, issued by MetLife, Inc. (MetLife) (headquartered in New York, NY) [NYSE: MET]. The outlook assigned to this Credit Rating (rating) is stable. All other ratings of MetLife and its subsidiaries remain unchanged.
The proceeds from this debt issuance are expected to be used for general corporate purposes, which may include the redemption, repurchase or repayment at maturity of a portion of MetLife’s $1 billion aggregate principal amount of 3.600% senior unsecured debentures due April 2024. AM Best expects MetLife’s debt leverage to increase temporarily over the near term from the impact of this issuance. MetLife’s proforma adjusted financial leverage and the historical interest coverage are in line with its current ratings, and its holding company liquidity is strong.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
Source: AM Best
FAQ
What is the Long-Term Issue Credit Rating assigned to MetLife, Inc.'s new senior unsecured notes?
AM Best has assigned an 'a-' (Excellent) rating to the $1 billion, 5.375% senior unsecured notes due July 15, 2033.
What are the expected uses of the proceeds from the debt issuance?
The proceeds are expected to be used for general corporate purposes, which may include the redemption, repurchase, or repayment at maturity of a portion of MetLife’s existing senior unsecured debentures.
How does the debt issuance impact MetLife's financial leverage?
AM Best expects MetLife’s debt leverage to increase temporarily over the near term from the impact of this issuance, but the company's proforma adjusted financial leverage and historical interest coverage remain in line with its current ratings, and its holding company liquidity is strong.
