AM Best Assigns Issue Credit Ratings to MetLife, Inc.’s New Yen Denominated Senior Unsecured Notes
May 23 2019 - 2:53PM
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.
AM Best is a global rating agency and information provider
with a unique focus on the insurance industry. Visit
www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Kate SteffanelliSenior Financial Analyst+1 908
439 2200, ext. 5063kate.steffanelli@ambest.com
Rosemarie MirabellaDirector+1 908 439 2200,
ext. 5892rosemarie.mirabella@ambest.com
Christopher SharkeyManager, Public Relations+1
908 439 2200, ext. 5159christopher.sharkey@ambest.com
Jim PeavyDirector, Public Relations+1 908 439
2200, ext. 5644james.peavy@ambest.com
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