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

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “a-” to the $1 billion 4.55% senior unsecured notes due 2030 recently issued by MetLife, Inc. (MetLife) (headquartered in New York, NY) [NYSE: MET]. The outlook assigned to the Credit Rating (rating) is stable.

The proceeds from the issuance are intended for general corporate purposes. Proforma adjusted financial leverage is just over 24% and the historical interest coverage is very strong. Prospectively, AM Best expects some impact on interest coverage given the emerging economic challenges both globally and in the United States, but we expect coverage to remain adequate to support the company’s obligations. Holding company liquidity is strong and MetLife has no debt maturities until 2022.

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