S&P rates MetLife notes A-

S&P said it assigned an A- senior unsecured debt rating to MetLife Inc.'s proposed senior notes issuance.

The proceeds will be used to fund the early redemption of its upcoming senior notes due in 2020 and 2021 and for general corporate purposes, S&P said.

As per the offering prospectus, these senior notes will be yen-denominated unsecured obligations of MetLife and will rank equally in right of payment with other senior notes and all of MetLife's existing and future unsecured and unsubordinated debt, the agency said.

Also, there are no financial covenants in the indenture and these senior notes are not guaranteed by any of the company's operating subsidiaries, S&P said.

MET will use the proceeds to repay existing debt, but the agency said it expects financial leverage to remain in the 30% to 35% range through 2020, the agency said.

S&P said it expects modest improvement in EBITDA fixed-charge coverage to about 6x to 7x.

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