2009-07-02 16:00:06 -

A.M. Best Co. has assigned a debt rating of “bbb” to the $500 million 10.75% junior subordinated debentures, due 2069 of MetLife, Inc. (MetLife) (New York, NY). The rating outlook is stable. All existing MetLife ratings are unchanged.

MetLife issued the debt under its existing shelf registration and intends to use the additional capital for general corporate purposes.

The coupon is

fixed until 2039, and the company may defer cash interest payments for up to 10 consecutive years. Except under specified circumstances, the debentures are not callable until 2034, and the scheduled redemption date for the debentures is in 2039. A replacement capital covenant in effect until 2059 will commit the company to repay these junior subordinated debentures with the proceeds from a similar or more junior capital offering.

MetLife’s pro-forma financial leverage position has continued to increase to the higher end of A.M. Best’s expectations for the current rating level, while its coverage position has continued to decline. As noted in A.M. Best’s press release of March 27, 2009, A.M. Best will continue to monitor the increased financial leverage and lower coverage positions at MetLife as a result of recent debt issuances. Given the features of these debentures, A.M. Best includes some equity credit in its leverage analysis. Leverage (excluding accumulated other comprehensive income) remains approximately 30%.

The rating recognizes MetLife’s very strong liquidity position at the holding company that is underpinned by its ability to successfully access the credit markets in the current environment.

For additional information on the ratings of MetLife and its subsidiaries, please see A.M. Best’s press releases of February 20, 2009 and May 28, 2009.

For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings : .

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology : .



Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com : .

A.M. Best Co.AnalystsMarc Steinberg, 908-439-2200,
ext. 5225 marc.steinberg@ambest.com : mailto:marc.steinberg@ambest.com orWilliam

Pargeans, 908-439-2200, ext. 5359 william.pargeans@ambest.com : mailto:william.pargeans@ambest.com orPublic
RelationsJim Peavy, 908-439-2200, ext. 5644 james.peavy@ambest.com : mailto:james.peavy@ambest.com orRachelle
Morrow, 908-439-2200, ext. 5378 rachelle.morrow@ambest.com : mailto:rachelle.morrow@ambest.com