Best’s News & Research Service - July 13, 2022 08:19 AM (EDT)
AM Best Assigns Issue Credit Rating to MetLife, Inc.’s New Senior Unsecured Notes
- July 13, 2022 08:19 AM (EDT)
Oldwick //BestWire// - 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.
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