AM Best Assigns Issue Credit Rating to MetLife, Inc.’s New Senior Unsecured Notes

Rhea-AI Summary

AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to MetLife's $1 billion senior unsecured notes, due July 15, 2052. The outlook remains stable. The proceeds will be used for retiring existing debt, including the $1 billion in senior unsecured debentures maturing in 2023, and for general corporate purposes. MetLife's proforma adjusted financial leverage and historical interest coverage align with its current ratings, supported by strong liquidity at the holding company level.

Positive

• Assigned a Long-Term Issue Credit Rating of 'a-' (Excellent) by AM Best.
• Proceeds from the notes issuance will help in retiring existing debt.
• Strong holding company liquidity enhances financial stability.

Negative

• None.

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% senior unsecured notes due July 15, 2052, issued by MetLife, Inc. (MetLife) (headquartered in New York, NY) [NYSE: MET]. The outlook assigned to this Credit Rating (rating) is stable.

The proceeds from the issuance are intended for the retirement of MetLife’s outstanding indebtedness, which may include the redemption, repurchase or repayment at maturity of a portion of MetLife’s $1 billion, 4.368% senior unsecured debentures, due 2023, and for general corporate purposes. 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.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220713005558/en/

Louis Silvers

Senior Financial Analyst

+1 908 439 2200, ext. 5802

louis.silvers@ambest.com

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jacqalene Lentz

Director

+1 908 439 2200, ext. 5762

jacqalene.lentz@ambest.com

Jeff Mango

Managing Director,

Strategy & Communications

+1 908 439 2200, ext. 5204

jeffrey.mango@ambest.com

Source: AM Best

FAQ

What is the new credit rating for MetLife issued by AM Best?

AM Best assigned a Long-Term Issue Credit Rating of 'a-' (Excellent) to MetLife.

How much is MetLife's newly issued senior unsecured notes?

MetLife's newly issued senior unsecured notes amount to $1 billion.

What is the purpose of MetLife's $1 billion notes issuance?

The proceeds will be used to retire existing indebtedness and for general corporate purposes.

What is the maturity date of the new senior unsecured notes by MetLife?

The new senior unsecured notes are due on July 15, 2052.

What is the outlook of the credit rating assigned to MetLife?

The outlook assigned to the credit rating is stable.