Fitch rates MetLife equity units A-

Fitch Ratings said it assigned an A- rating to MetLife Inc.'s new $1.8 billion of common equity units and affirmed MetLife's A long-term issuer rating and the ratings on all the company's outstanding debt.

The outlook is stable.

Fitch said it expects that the net proceeds of the notes will be used to fund a portion of the purchase price of MetLife's proposed acquisition of Citigroup's life insurance and annuities business.

The common equity units consist of a beneficial ownership interest in two series of trust preferred securities, series A and B, issued by MetLife Capital Trust II and MetLife Capital Trust III and a stock purchase contract. Fitch considers the units to be synthetic mandatory convertible securities and has assigned 80% equity-credit for purposes of financial leverage calculations.

Based on the provisions of stock purchase agreements, the earliest possible remarketing date is Aug. 15, 2008 for the series A securities and Feb. 15, 2009 for the series B securities.

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