Best’s News & Research Service - October 04, 2024 08:27 AM (EDT)
AM Best Affirms Issue Credit Rating of MetLife, Inc.’s Reopened Senior Unsecured Notes
- October 04, 2024 08:27 AM (EDT)
//BestWire// - AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a-” (Excellent) on the $750 million, 5.3% senior unsecured notes, due December 2034, of MetLife, Inc. (MetLife) (headquartered in New York, NY) [NYSE: MET]. The outlook of this Credit Rating (rating) is stable.
The rating applies to the recently issued $250 million, 5.3% senior unsecured notes, due 2034, and its existing $500 million, 5.3% senior unsecured notes, due 2034, issued June 5, 2024. The additional notes offered constitute a further issuance of, and are fungible with, the existing notes. The $250 million of additional notes were priced at 104.611% of principal amount, plus accrued interest from June 5, 2024, with a yield to maturity of 4.714%. These additional notes offer terms identical to the existing notes issued on June 5, 2024, with the exception of the issue date and offering price.
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.