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.
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