TEXT-S&P rates MetLife senior C component debt 'A-'
Sept 27 - Standard & Poor's Ratings Services said today that it has assigned its 'A-' rating to MetLife Inc.'s (NYSE:MET) remarketing of $1 billion of Senior C Component Debentures. The first tranche of the notes will mature in 2018 and the second tranche will mature in 2023; however, following the successful settlement of the remarketing, the notes' maturities will be adjusted to 2017 and 2022, respectively. The Senior C Debentures were originally issued in November 2010 as $1.0 billion aggregate principal amount of Series C Senior Debentures due 2023. These formed part of MET's 40 million common equity units issued to AM Holdings LLC (a subsidiary of American International Group) in connection with the acquisition of American Life Insurance Co. (ALICO). The 'A-' long-term counterparty credit rating on MET reflects the company's very strong competitive position and diversified sources and quality of earnings, with GAAP pretax operating earnings (EBITDA) of about 7.2x and financial leverage of about 36% as of June 30, 2012. RELATED CRITERIA AND RESEARCH -- MetLife Inc. and Metropolitan Life Insurance Group, Aug. 30, 2012 -- MetLife Inc.'s Common Equity Units Assigned 'BBB-' Rating, March 2, 2011 -- Holding Company Analysis, June 11, 2009 RATINGS LIST MetLife Inc. Counterparty Credit Rating A-/Stable/A-2 New Rating MetLife Inc. $1 Bil. Sr. C Component Debentures A-
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