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.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200325005662/en/
Copyright Business Wire 2020