A.M. Best Assigns Ratings to MetLife, Inc.’s New Senior Unsecured Notes
November 12 2015 - 3:25PM
Business Wire
A.M. Best has assigned issue ratings of “a-” to the $750
million 4.6% senior unsecured notes due 2046 and $500 million 3.6%
senior unsecured notes due 2025 recently issued by MetLife,
Inc. (MetLife) (New York, NY) [NYSE: MET]. The outlook assigned
is stable.
Proceeds from the sale of the notes will be utilized for general
corporate purposes, which may include repayment, in whole or in
part, of MetLife’s $1.25 billion 6.75% senior notes due June 2016.
A.M. Best notes that MetLife’s pro forma financial leverage is
expected to remain just below 25% in the near to medium term.
Additionally, MetLife’s financial flexibility remains strong and
interest coverage is expected to remain above five times.
The ratings assignment also recognizes MetLife’s diverse
business mix, favorable operating results, strong franchise,
considerable scale and prominent market positions across several
product lines. MetLife also continues to generate consistent
revenue and cash flows. While operating earnings have recently been
negatively impacted by a non-cash charge related to the tax
treatment of a wholly owned U.K. investment subsidiary, changes in
actuarial assumptions due to the low interest rate environment and
lower variable investment income, A.M. Best notes that operating
earnings in MetLife’s core business lines have generally performed
well in recent periods.
This press release relates to rating(s) that have been
published on A.M. 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 visit A.M.
Best’s Ratings & Criteria Center.
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 © 2015 by A.M. Best Company,
Inc. ALL RIGHTS RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20151112006526/en/
A.M. BestMichael Adams, 908-439-2200, ext.
5133Senior Financial
Analystmichael.adams@ambest.comorChristopher Sharkey,
908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJoseph
Zazzera, MBA, 908-439-2200, ext. 5797Assistant Vice
Presidentjospeh.zazzera@ambest.comorJim Peavy,
908-439-2200, ext. 5644Assistant Vice President, Public
Relationsjames.peavy@ambest.com
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