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S&P rates Brighthouse notes BBB+
S&P said it assigned a BBB+ debt rating to Brighthouse Financial Inc.'s proposed senior unsecured notes.
Brighthouse will use the net proceeds to pay a dividend to parent MetLife Inc. in connection with MetLife's distribution of Brighthouse stock, as well as for general corporate purposes.
The notes will be initially guaranteed on a senior unsecured basis by MetLife, but the agency said it bases the rating on the future insurance operations supporting Brighthouse, including Brighthouse Life Insurance Co.
The MetLife guarantee will terminate and be automatically and unconditionally released upon MetLife's distribution of Brighthouse stock.
If this distribution does not occur by Dec. 31, Brighthouse will be required to redeem the notes in whole at a price equal to 101% of their then-outstanding aggregate principal amount plus accrued and unpaid interest.
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