OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has assigned the Long-Term Issue Credit Ratings (Long-Term IR) of “a-” to five tranches of yen-denominated senior unsecured notes totaling JPY 151.7 billion (USD 1.385 billion) recently issued by MetLife, Inc. (MetLife) (headquartered in New York, NY) [NYSE: MET]. The outlooks assigned to these Credit Ratings (rating) is stable. See below for details on individual tranches.
Proceeds from the issuance may be utilized for repayment, in whole in part, of senior notes maturing in 2020 and 2021, as well as for general corporate purposes. AM Best notes that MetLife’s financial leverage is expected to remain under 25% in the medium term. Additionally, MetLife’s financial flexibility remains strong with interest coverage of six times.
MetLife’s ratings recognize its diverse business mix, generally favorable operating results, strong franchise, considerable scale and prominent market positions across several product lines. MetLife continues to generate consistent revenue and cash flows, and has reported growth in operating earnings across the majority of its core segments. AM Best notes that MetLife’s earnings have benefited from favorable underwriting results as well as higher net investment income and asset-based fee revenues driven by favorable equity markets through first quarter 2019.
AM Best has assigned the following Long-Term IRs with a stable outlook:
- "a-" on JPY 25.2 billion, 0.495%, Senior Unsecured Notes, due 2026
- "a-" on JPY 64.9 billion, 0.769%, Senior Unsecured Notes, due 2029
- "a-" on JPY 10.7 billion, 0.898%, Senior Unsecured Notes, due 2031
- "a-" on JPY 26.5 billion, 1.189%, Senior Unsecured Notes, due 2034
- "a-" on JPY 24.4 billion, 1.385%, Senior Unsecured Notes, due 2039
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 Understanding 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.
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