OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a-” (Excellent) on the $750 million, 5.3% senior unsecured notes, due December 2034, of MetLife, Inc. (MetLife) (headquartered in New York, NY) [NYSE: MET]. The outlook of this Credit Rating (rating) is stable.
The rating applies to the recently issued $250 million, 5.3% senior unsecured notes, due 2034, and its existing $500 million, 5.3% senior unsecured notes, due 2034, issued June 5, 2024. The additional notes offered constitute a further issuance of, and are fungible with, the existing notes. The $250 million of additional notes were priced at 104.611% of principal amount, plus accrued interest from June 5, 2024, with a yield to maturity of 4.714%. These additional notes offer terms identical to the existing notes issued on June 5, 2024, with the exception of the issue date and offering price.
MetLife’s proforma adjusted financial leverage and the historical interest coverage are in line with its current ratings, and its holding company liquidity is strong.
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