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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-” (Excellent) to the newly issued $1 billion, 5.375% senior unsecured notes due July 15, 2033, issued by MetLife, Inc. (MetLife) (headquartered in New York, NY) [NYSE: MET]. The outlook assigned to this Credit Rating (rating) is stable. All other ratings of MetLife and its subsidiaries remain unchanged.

The proceeds from this debt issuance are expected to be used for general corporate purposes, which may include the redemption, repurchase or repayment at maturity of a portion of MetLife’s $1 billion aggregate principal amount of 3.600% senior unsecured debentures due April 2024. AM Best expects MetLife’s debt leverage to increase temporarily over the near term from the impact of this issuance. 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 © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Louis Silvers
Senior Financial Analyst
+1 908 882 2316
louis.silvers@ambest.com

Jacqalene Lentz
Director
+1 908 882 2011
jacqalene.lentz@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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NYSE:MET
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Contacts

Louis Silvers
Senior Financial Analyst
+1 908 882 2316
louis.silvers@ambest.com

Jacqalene Lentz
Director
+1 908 882 2011
jacqalene.lentz@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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