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Moody’s applies A3 to MetLife notes
Moody's Investors Service said it assigned an A3 rating with a stable outlook to MetLife, Inc.'s (senior debt at A3; stable) issuance of roughly $1 billion senior unsecured notes.
The offering will include senior notes due 2025 and senior notes due 2045. The amount of issuance of each is unknown until the offering prices. The notes are a drawdown from a shelf registration filed in November 2013.
MetLife plans to use the net proceeds to refinance $1 billion of 5% senior notes maturing in June 2015, as well as for general corporate purposes.
"Although the capital raise will increase financial leverage and reduce coverage ratios minimally in the short-term, the company is locking in low borrowing costs as it refinances higher coupon notes and pre-funds maturing debt; thus, the marginal decline in financial flexibility is viewed as temporary and negligible," Moody's vice president and senior credit officer Neil Strauss said in a news release.
Adjusted financial leverage is expected to be in the 25% range at Dec. 31, which is in line with the company's ratings.
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