Fitch Rates MetLife's Debt Issuance 'A-'

  Fitch Rates MetLife's Debt Issuance 'A-'

Business Wire

CHICAGO -- October 01, 2012

Fitch Ratings has assigned an 'A-' rating to MetLife, Inc.'s (MetLife)
remarketing of $1 billion senior unsecured debentures, which consists of the
following two tranches:

--$500 million of 1.756% senior unsecured debentures that will be due 2017;

--$500 million of 3.048% senior unsecured debentures that will be due 2022.

The Rating Outlook on MetLife and its subsidiaries is Stable.

The issuance represents the scheduled remarketing of the outstanding series C
senior debt associated with the common equity units issued by MetLife in
November 2010 as part of the financing of the acquisition of American Life
Insurance Company and Delaware American Life Insurance Company. Proceeds of
the remarketing will be used by the holders of the common equity units to
settle stock purchase contracts associated with the units.

Fitch expects the $1 billion of net proceeds realized by MetLife upon the
settlement of the stock purchase contracts will be used for general corporate
purposes, including repayment of upcoming debt maturities. Fitch's view of
MetLife's financial leverage is not impacted by this transaction. The
company's financial leverage ratio was 27% as of June 30, 2012.

Fitch last affirmed MetLife's ratings on May 1, 2012. The affirmation of
MetLife's ratings reflects Fitch's view that the company's recent financial
performance and balance sheet fundamentals remain consistent with rating
expectations.

Key rating drivers that could lead to an upgrade of MetLife's ratings include
NAIC risk-based capital ratio above 450%, financial leverage below 25%, and
GAAP interest coverage ratio in the 8x-10x range.

Key rating drivers that could lead to a downgrade of MetLife's ratings include
NAIC risk-based capital ratio below 350%, financial leverage above 30%, and
GAAP interest coverage ratio below 5x.

Fitch has assigned the following ratings:

MetLife, Inc.

--1.756% senior unsecured debentures that will be due 2017 rated 'A-';

--3.048% senior unsecured debentures that will be due 2022 rated 'A-'.

Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Insurance Rating Methodology' (Sept. 19, 2012).

Applicable Criteria and Related Research:

Insurance Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688011

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Contact:

Fitch Ratings
Primary Analyst:
Douglas L. Meyer, CFA, +1-312-368-2061
Managing Director
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst:
Cynthia Crosson, +1-212-908-0863
Director
or
Committee Chairperson:
James B. Auden, CFA, +1-312-368-3146
Managing Director
or
MediaRelations:
Brian Bertsch, New York, +1 212-908-0549
brian.bertsch@fitchratings.com
 
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