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TEXT-S&P rates MetLife senior C component debt 'A-'
September 27, 2012 / 4:15 PM / 5 years ago

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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