Fitch rates MetLife

Fitch Ratings said it has assigned an A rating to MetLife Inc.'s $600 million senior unsecured note issuance. The issue is split between a $200 million 5.5% senior unsecured note due 2014 and a $400 million 6.375% senior unsecured note due 2034.

The outlook is stable.

The net proceeds are expected to be used to pre-fund a portion of MetLife's $1.0 billion of debentures that mature in 2005 and for other general corporate purposes. The net proceeds are expected to be invested in fixed-income securities in the interim.

Fitch said MetLife's ratings continue to reflect solid balance-sheet fundamentals, strong cash-flow generating power and fixed charge coverage, very strong financial flexibility and controlled use of financial leverage. Offsetting factors include exposure to credit losses in the past two years, challenges in improving performance in the individual life insurance segment while transitioning to management of core and alternative distribution under one umbrella, and the possibility of additional charges relating to asbestos litigation, which remain hard to quantify.

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